Equifax CEO Richard Smith Ousted Following Massive Data Breach

(NEW YORK) — Credit reporting agency Equifax is ousting CEO Richard Smith in an effort to clean up the mess left by a damaging data breach that exposed highly sensitive information about 143 million Americans. The shake-up announced Tuesday comes after Equifax disclosed that hackers exploited a software flaw that the company didn’t fix to heist Social Security numbers, birthdates and other personal data that provide the keys to identify theft. Smith will also step down from the chairman post. He had been Equifax’s CEO since 2005. Paulino do Rego Barros Jr. was named interim CEO, while board member Mark Feidler was appointed non-executive chairman. Equifax said that it will conduct a search for a permanent CEO, considering both internal and external candidates. While the company said in a statement that Smith was retiring, Equifax said in a regulatory filing that it has not entered into any other arrangement or agreement with Smith in connection with his retirement. He will however, serve as an unpaid adviser to help with the transition process. The company said in the filing Smith will not receive his annual bonus, and his other potential retirement-related benefits won’t be awarded until Equifax concludes an independent review of the data breach. “The cybersecurity incident has affected millions of consumers, and I have been completely dedicated to making this right,” Smith said in a statement. “At this critical juncture, I believe ...
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