Equifax CEO Richard Smith suddenly decides to 'retire'

Cheryl Sanders
September 26, 2017

Smith's outing comes days after the company announced its top information and security executives were stepping down.

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.

That new leadership is interim CEO Paulino do Rego Barros Jr., who oversaw Equifax's Asia Pacific department, and has been with the company for seven years. "We are working intensely to support consumers and make the necessary changes to minimize the risk that something like this happens again".

"We have formed a special committee of the board to focus on the issues arising from the incident and to ensure that all appropriate actions are taken".

Smith had been Equifax's CEO since 2005.

Earlier this month, Equifax disclosed that hackers had gained access to some of its systems, potentially compromising the personal information of roughly 143 million US consumers in one of the biggest and most threatening data breaches of recent years. The company faces an investigation from the Federal Trade Commission and a hearing before Congress next week.

Healey and L'Italien both said the Equifax credit breach is among the worst they have seen, since Equifax collects a huge amount of information and is supposed to be the one keeping the data secure. Three senior executives sold almost $1.8 million in shares after the company learned internally that it had exposed the private data.

All of the executives still owned thousands of shares of the company after the sales were completed, filings show.

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