Countrywide’s Sambol out in BofA takeover

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News item from Scott Reckard of the L.A. Times: ‘Showing Countrywide Financial Corp. President David Sambol the door, Bank of America Corp. said today that it would appoint one of its own top executives to oversee mortgage operations after completing its acquisition of Countrywide.’

More: ‘When it announced in January that it would buy struggling Countrywide, Bank of America said that Sambol, the No. 2 executive to Countrywide founder and Chairman Angelo Mozilo, would stay on to run the nation’s largest home-loan operation from Calabasas, where Countrywide is based.

‘But that role will now be handed to Barbara J. Desoer, Bank of America’s chief technology and operations officer and a member of the bank’s management operating committee.’

From the BofA press release: ‘She will be based in Calabasas, California. David Sambol, president of Countrywide Financial Corporation, will retire after assisting Desoer with the transition.’

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