For a fascinating, unfolding exercise in crisis management keep track of Countrywide Financial as it launches an aggressive campaign to turn the tide on the flood of bad press it has received as a result of the lending crisis.
Under the rallying cry of "Protect our House", Countrywide is seeking to enlist the support of its workers to help restore its reputation. Part of the campaign asks workers to sign a pledge to "demonstrate commitment to our efforts". Those that do receive a green wristband to wear.
It's a bold idea that reflects the aggressive style of the management team led by Angelo Mozilo, the charman and CEO and Drew Gissinger, the executive managing director and former Chargers offensive lineman. And a risky one too, given that the company is in the middle of laying of as much as 20% of its workforce. Having been through layoffs like this myself I can vouch for the fact that it's a difficult time to ask employees for their support.
The other challenge for the company is to make sure that its marketing strategies over-compensate and have no hint of the problematic lending practices that are now under scrutiny. For example, this comment, if true, suggests that more work may need to be done in this area.
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