Numerous articles today report that Equifax's CEO, Richard Smith, has retired. Key information:
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He is retiring both as CEO and as chairman of the board
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""At this critical juncture, I believe it is in the best interests of the company to have new leadership to move the company forward," Smith said in a statement." However, "isn't leaving the company completely. Equifax said he agreed to serve as an "unpaid adviser" to assist in the CEO transition."
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"He will not receive his annual bonus and other potential retirement-related benefits until the company's board concludes an independent review of the data breach. If the review does not find Smith at fault, he could walk away with a retirement package of at least $18.48 million, along the value of the stock and options he was paid out over his 12-year tenure. The board also could "claw back" any cash or stock bonuses he may have received, if necessary." However, another article states that "Smith is entitled to that pension “under any circumstances,” Gutzmer said."
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"Smith, who made almost $15 million in salary, bonuses and stock last year, will be able to stay on the company's health plan for life."
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"Three executives, none of them among those who have left, were found to have sold stock for a combined $1.8 million before Equifax disclosed the most serious breach, though the company says they were unaware of it at the time."
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"Smith had been scheduled to appear at two congressional hearings next week that would likely have turned into a public lambasting. The House Energy and Commerce committee said in a tweet that it still plans to hold its hearing Oct. 3. A member of the Senate Banking Committee said he still wanted Smith to appear Oct. 4 as planned."
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Equifax's stock "has declined about 27% since the data breach was announced."
Submitted September 26, 2017 at 02:00PM by random_pf_guy http://ift.tt/2fxqYkv
