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Data Breach Forces Equifax Chief to Step Down
Equifax has abruptly announced the retirement of Richard Smith as chairman of the board and CEO, effective today. Mark Feidler, a current board member, was named non-executive chairman and Paulino do Rego Barros Jr., who previously as president for the company’s Asia Pacific operations, was named interim CEO.
Smith acknowledged that the recent announcement of a massive data breach at Equifax was the driving force for his departure.
“The cybersecurity incident has affected millions of consumers, and I have been completely dedicated to making this right,” he said in a statement. “At this critical juncture, I believe it is in the best interests of the company to have new leadership to move the company forward.”
The company also announced plans to search for a new CEO, noting that it would be “considering candidates both from within and outside the company.”
Smith, who will earn as much as $90 million according to Forbes, will remain as an unpaid adviser to Equifax to assist in the transition.
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