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IndyMac ends CEO's stock deal

In Brief / LENDING

April 16, 2008|From Times Wire Services

IndyMac Bancorp Inc. canceled Chief Executive Michael Perry's option to purchase 1 million shares of company stock after it reported its first-ever annual loss.

Perry asked the board of the Pasadena-based mortgage lender to make the move "solely upon his own initiative" so that IndyMac could make more options available for future grants to other employees, according to a regulatory filing.

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