Equifax CEO Richard Smith suddenly decides to 'retire'

Equifax CEO Richard Smith suddenly decides to 'retire'

The sudden retirement of Equifax CEO Richard Smith isn't enough to squelch the fury of some Senate Democrats over a hack that compromised the personal information of as many as 143 million Americans.

Smith, who had also served as chairman, isn't leaving the company completely.

Smith's retirement package remains in jeopardy, but he has piled up millions since the beginning of 2016. The board also could "claw back" any cash or stock bonuses he may have received, if necessary.

The board of Equifax announced that Smith would retire as chairman of the board and CEO effective Tuesday. Paulino do Rego Barros, who served as the company's Asia-Pacific president, will serve as the company's new chief executive.

"This is your data, this is your information; and for too long it's been these companies that have been in control of our information", Healey said.

Last week, he joined other state attorneys general in writing a letter to the company expressing concerns over Equifax offering fee-based services in response to its breach. And, while Equifax has since agreed to provide credit monitoring without these legal restrictions, the reputational damage has already been done.

The value of Equifax's stock (NYSE: EFX), seen on September 26, has begun to recover following the company's September 7 breach notification. "Speaking for everyone on the board, I sincerely apologize".

Smith's departure followed two other executive exits.

"I know Richard Smith resigned today, but I hope he still comes in front of the [Senate Banking] Committee ... because I think it's less of spending time with his family and more of not spending time with us", he said.

Smith is due to appear before the House Energy and Commerce Committee on October 3 to answer questions about the hack.

Now, some employers that planned to offer it next year are trying to shift it to this year, she said, making it one of the fastest growing plan options.

"Equifax has to look like it's taking this seriously and making big changes all the way to the top", he says. Brian Schatz, a Democrat from Hawaii. Even though a fix was released, Equifax did not immediately install it.

The breach was discovered July 29, and Equifax said it spent the following weeks working with a cybersecurity consultant and authorities on an investigation. "Equifax executives can not be allowed to wash their hands of this while millions of Americans are left to deal with the consequences". Equifax shares have a 52-week range of $89.59 to $147.02.

Shares in Equifax ($EFX) were halted during pre-market trading pending the news.

Clayton, a Trump nominee who was confirmed in May, would neither confirm or deny any plans by the SEC to investigate the matter. Hackers could have had access to names, birthdays, addresses, social security numbers, driver's license numbers, and credit card information.

The Board of Directors for Equifax, Inc.

Currently, Healey said, the three main credit bureaus - Equifax, Experian and TransUnion - often charge fees for consumers to freeze or unfreeze their credit.

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