Countrywide Chief Sambol to Retire Post Merger

May 28, 2008 No Comments »

retired

Just months after announcing that David Sambol would be steering the ship at the new Bank of America-owned Countrywide, the Charlotte-based bank has reversed course amid public criticism.

Bank of America released a statement this morning, announcing that Barbara Desoer would be slated to run the combined mortgage and home equity loan businesses once the merger is complete.

Desoer, who is currently the Chief Technology and Operations Officer for Bank of America, will be elected president of consumer real estate operations for the Countrywide/BofA unit.

Sambol, who is the current president and chief operating officer of Countrywide Financial, will retire after “assisting Desoer” during the transition.

It’s likely he’ll stick around to help integrate the mortgage lender’s extensive business model with that of Bank of America’s, and perhaps tidy things up before he leaves.

Before joining Countrywide in 1985, Sambol was a Certified Public Accountant with the accounting firm of Ernst & Whinney.

CEO Ken Lewis said putting an experienced Bank of America executive in charge of the mortgage unit was the right decision and critical to its success, making the alleged retirement appear a bit more forced.

Shares of Countrywide climbed 14 cents, or 3.05%, to $4.73, perhaps because the proposed merger that continues to be in question seems to be moving forward.

(photo: cogdog)

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