Equifax CEO “Retires” After Data Breach Scandal

Business Insider reports:

Equifax, the consumer-data giant that was targeted in a hack that exposed the personal data of nearly half the U.S. population, said its CEO is out effective immediately. Richard Smith will “retire” as Chairman of the Board and CEO effective September 26, 2017, according to a statement from the company’s board.

Board member Mark Feidler has been appointed as Non-Executive Chairman and Paulino do Rego Barros, Jr., who most recently served as President of Asia Pacific, has been appointed interim CEO. The Board will be looking for a new permanent CEO. “The Board remains deeply concerned about and totally focused on the cybersecurity incident,” Feidler said.

  • Jefe5084

    with his full golden parachute, of course.

    • Treant

      And the money made from selling those identities to that Nigerian prince we keep hearing about. The one with all the money.

      • Jefe5084

        Oh yeah. I get e-mails from his court jester from time to time.

    • Mark

      Basically, it’s I got mine and fuck the rest of you.

    • ben-andy

      There is nearly a 50/50 chance that Mr. Smith’s info [and his wife’s and his children’s, & etc] was among that heisted. Let’s hope they get their identity thieved first.

  • TrueWords
    • Gustav2

      So now he has the money, background, and ethics to become a Republican officeholder.

      • Tawreos

        If he is a total dickbag to anyone outside of his little group he will be a shoe-in.

      • Uncle Mark

        He’ll probably end up on Twitler’s cabinet after someone gets shitcanned for disloyalty

        • Tawreos

          Not coming from a company that couldn’t control the leaks he won’t

    • Stogiebear

      I don’t care who you are or what you do, there is no job on earth that is worth $32,705.37 per day.

      • Ernest Endevor

        CEOs do much thinking. This is hard. You wouldn’t understand.

        • Jeffg166

          They have to think about the recommendations their secretary gives them on how to do everything.

        • Clive Johnson

          I’ve met a number of CEOs. Most have been relatively smart, but almost always they’re more clever than thoughtful. None has been an intellectual, not even close, comfortable with abstract or complex thought. That’s probably why they’re in business.

          • Ernest Endevor

            Well of course! If they had any brains they wouldn’t be doing business.

      • The_Wretched

        An annual salary daily.It’s difficult to even conceive.

      • Cuberly

        Well he was busy lobbying for legislation that would prevent people from suing them. No joke.

      • Clive Johnson

        No one earns that money, in any sense of “earn” that I can accept.

  • Tulle Christensen

    I am so glad they were so concerned about the breach they quickly told everyone so everyone could take proper action.

    1) everyone = all executives of the company
    2) proper action = sell the company’s stock

  • Rebecca Gardner

    Corporations are intentionally designed so the psychopath climbs to the top. A CEO is not the best person for the job, the most qualified for the job, the most educated for the job. A modern day CEO is the biggest psychopath that can lie to the public and the government in such a way as to increase shareholder value.

    • My day job when I lived in NYC often included long stints working for CEOs and I can confirm this.

    • Xiao Ai: The Social Gadfly

      …while not really increasing it, one dime, in the end.

    • That explains so many of my own experience with “O”s…

  • Do Something Nice

    I have a damn good FICO score and Equifax vaguely says my data may have been stolen. One of my credit cards numbers was stolen and I suspect that I’m in for a bumpy ride on this.

    I hope the class action suit bankrupts this reckless company.

    • jerry

      I checked a few weeks ago when this happened…doesn’t appear that I’ve been compromised. Then again, I haven’t actually applied for a loan in over 15 years, except for the credit cards. I thought having the credit cards would automatically make me susceptible to their breach.

  • worstcultever

    [bannable] [bannable] [bannable]

    oh, fuck it – I got nothin

  • FAEN

    Amazing-these assholes royally fuck up and walk away with more money than they could spend.

    If any of us pulled this we’d be shut canned.

    • samcollins

      No. We’d be in Prison.

  • Todd20036

    And worst of all is that you HAVE to use this company if you have a credit card. You cannot boycott Equifax unless you stop using credit cards entirely

    • johncAtl

      Or have a mortgage, car loan, etc. There is no way to avoid Equifax, Experian or TransUnion. And since the three bureaus share data they exposed data that was collected by the other two.

  • SDG

    I am so glad I live in a country where there is NO CREDIT RATING! You go into a Bank, you open an account, and you get “credit”, based on your income (only). You want a credit card, you get one from though your bank.

    You want a mortgage, or any type of loan, easy. You go to a bank, you show them your bank statements and your salary stubs, that’s it. You get a loan SOLEY based on your ability to pay it back, period. You also don’t make payments, your salary, automatically goes to your bank (no paychecks, no choice). Your credit card and any loans come directly out of your bank account, you don’t PAY a mortgage bill. And again, no choice, this is how it’s done.

    There is NO checking your “credit” to buy insurance, or get a job, or anything else. You don’t pay a bill you go to court!

    The American system of free and easy credit, coupled with these totally BULLSHIT rules that allow you to be discriminated against because of your credit, is just absurd.

    • Ernest Endevor

      What if you don’t have a salary?

    • Do Something Nice

      Sorry, but I disagree about credit history. If you have a decent credit record, you get a loan pretty quickly in the US. My getting a mortgage in Europe was an arduous experience. If you have a history of not paying your bills, it isn’t discrimination if a lender doesn’t want to lend you money.

      But I do agree that credit is far too easy in the US.

      • SDG

        My mortgage pre-approval took 4 hours. My final approval took 1 day.

        The missing payments is only a part of your credit score, the rest is credit ratios, available credit, even a credit inquiry has a negative effect. I had a perfect score of 850, and a car dealer, without my knowledge pulled a credit report, and it dinged me 5 points.

        When I applied for car insurance, I received a letter stating that my credit score was responsible for NOT getting the best rate. When I asked why, since it was 850, I was told “we use a different score, which we won’t tell you what it is, or where it is from”. Same with health insurance.

        The US system benefits the rich, and penalizes the poor. Here, you don’t pay more for car insurance because you are poor. Your health insurance rates are based solely on income.

    • AltheaTheCat

      What country do you live in? I actually like the credit score system in the US. By building up great credit over the years I’ve able to get lower interest rates on car loans, etc, which has helped me out.

      • SDG

        Israel, the problem is, it’s a tool companies can use as an excuse to charge more. If they did not exist, there would be an even playing field.

  • Ernest Endevor

    Wish someone would fire me.

  • Dayglo

    Remember, folks — we aren’t clients of Equifax. Most of us didn’t sign up with them. They own (and gave away) our most precious information. It’s hard to fathom how staggeringly criminally negligent this is … and how insignificant we all are.

  • SoCalGal20

    More like take the money and run.

  • BeaverTales

    If I ran the world, I’d tax corporations based on their internal Gini coefficient determined by their profits and losses. i.e. corporations that share profits with workers most evenly and absorb losses by penalizing the highest wage earners would pay the lowest taxes.

    Corporations that pay CEOs more than 100x the wage of the average worker would pay higher taxes, and when they lose money, no writing off the loss unless they treated the workers fairly and have paid their fair share of taxes.

    I’d also force these credit rating companies to send everyone with a bad credit score a clear step by step plan on how their credit can be repaired and how to dispute collection agencies and when bills are in dispute and meet criteria for dispute, do not affect your score.

    • greenman47

      Sounds great. I totally agree. When do we move to Utopia?

    • Tempus Fuggit

      Great idea, but it doesn’t matter how much we pretend to tax corporations.

  • justme

    Wonder how many 0’s are in the retirement account…

  • Clive Johnson

    To me, American law and justice is often a sham when people like this CEO are not locked up for long prison sentences.

  • Jeff Breeze

    and like an idiot im one on the people who waived the right to sue

  • JWC

    Can prison time be far off

  • Jean-Marc in Canada

    Of course he “retired”, after all that insider trading he did before revealing the breach, I dare say he has quite the nest egg.

  • dagobarbz, fine Italian shoes

    LOCK HIM UP!

  • Sporkfighter

    At that level, incontinence pays well.

  • JCF

    Retired With Extreme Prejudice.