Countrywide CEO sells 46,000 shares |
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Tue, 22 May 2007 18:29
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NEW YORK (AP) - The chairman and chief executive of mortgage lender Countrywide Financial Corp. exercised options for and sold 46,000 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing Monday.In a Form 4 filed with the SEC, Angelo R. Mozilo reported he exercised options for $10.89 and sold the shares Monday $40.64.The stock sale was conducted under a prearranged 10b5-1 trading plan which allows a company insider to set up a program in advance for such transactions and proceed with them even if he or she comes into possession of material non-public information.Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.Countrywide Financial is based in Calabasas, Calif.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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