Equifax CEO leaves after massive data breach affects 143 million people

By Callum Rivett
Credit reporting company Equifax has seen three top executives leave the company in the past two weeks, with CSO Susan Mauldin and CIO David Webb both r...

Credit reporting company Equifax has seen three top executives leave the company in the past two weeks, with CSO Susan Mauldin and CIO David Webb both retiring after the data breach that leaked the information of 143 million people.

Now, Chief Executive Officer Richard Smith has announced his retirement, effective with immediate effect.

The 57-year-old would not receive his yearly bonus but does walk away with at least $18.4mn in pension benefits, despite the global data leak happening on his watch.

Equifax has been heavily criticised for its handling of the breach after it was revealed the company waited 40 days to publically disclose the information.

RELATED STORIES

This gave several executives the chance to sell shares in the company totalling $1.7mn just days before the hack was made public, with the company losing about 25% of its value after making the announcement.

A class action lawsuit has been filed against the company, accusing it of negligence, due to the confusing and troublesome response.

Customers who called the support centre were put on hold and kept waiting, or randomly disconnected. When they eventually got through, they were told to check the website that had been set up by Equifax.

That website was heavily criticised after many questioned the validity of the site. Zack Whittaker, Security Editor for ZDNet, tweeted the revelation that if customers entered their details on the site, they "waived their rights to sue Equifax or be part of a class action suit."

Subject to multiple state and federal inquiries, Smith is due to testify before the Senate on October 4.

Share

Featured Articles

How Red Bull & Oracle are already winning with data

Amr Elrawi, Director, Sports Marketing and Business Development, Oracle, joined TECH LIVE LONDON to discuss how data built success with Red Bull Racing

Exec Q&A: Alex Cruz-Farmer, Cisco ThousandEyes

Alex Cruz-Farmer, Principal Product Manager at Cisco ThousandEyes, explains how their technology brings new levels of visibility to hidden DX issues.

Cloud & 5G - Day 2 highlights from the in-person stage

TECH LIVE LONDON returned to the Tobacco Dock last week. Stage host and Technology Magazine Editor in Chief, Alex Tuck, breaks down the presentations

Cloud & 5G - Day 1 highlights from the in-person stage

Cloud & Cybersecurity

TECH LIVE LONDON: Day 2 highlights of the hybrid tech show

Digital Transformation

TECH LIVE LONDON: An overview of the hybrid technology show

Digital Transformation