Business

Equifax CEO Steps Down In The Wake Of Major Hack

Equifax CEO Steps Down In The Wake Of Major Hack

Richard Smith, the CEO of credit monitoring company Equifax Inc., announced his retirement on Tuesday effective immediately, the firm said in a statement.

Earlier this month, the company said it had been hacked, putting the private information of 143 million Americans at risk ― including names, birthdays, addresses and Social Security numbers, in many cases.

“The cybersecurity incident has affected millions of consumers, and I have been completely dedicated to making this right,” Smith said Tuesday. “At this critical juncture, I believe it is in the best interests of the company to have new leadership to move the company forward.”

Following the hack, the Department of Justice and the Federal Trade Commission launched investigations into whether the company had violated insider trading laws. Smith is set to testify at a Senate Banking Committee next month. 

The company’s chief security and chief technology officers announced their retirements earlier this month. 

Paulino do Rego Barros Jr., head of the firm’s Asia Pacific region, will lead as interim CEO, according to Tuesday’s statement. Smith will serve as an unpaid adviser to assist in the transition.

This is a developing story. Check back for updates.

Published at Tue, 26 Sep 2017 13:21:33 +0000

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