Equifax CEO 'Retires' at 57 After Catastrophic Data Breach Screws 143 Million
00:14, Sep 29, 2017
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Smith will "retire" as chairman and CEO of the credit reporting agency today, according to a statement released by the company. "Speaking for everyone on the Board, I sincerely apologize", Feidler said. He added that the board had formed a special committee to focus on issues stemming from the breach.
The breach exposed names, social security numbers, birth dates, addresses and, in some cases, driver's licence numbers and affected about 143 million people.
Smith will continue as an unpaid advisor during the search for a permanent replacement.
Federal investigators are reportedly looking into whether three Equifax executives violated insider trading laws when they sold almost $1.8 million worth of shares in the days after the hack was discovered.
"Equifax is a substantially stronger company than it was 12 years ago".
Equifax had tried to appease incensed lawmakers, consumers and investors on September 15 with the unceremonious retirement of its chief security officer and chief information officer who were responsible for managing and protecting the company's technology.
Some corporate governance experts said the board's probe into the attack could lead to more changes at the helm of the company. He is set to appear at a Senate Banking Committee hearing next week, where is the only executive set to testify.
Equifax said all decisions on what money or benefits Smith is owed will be delayed until after the board completes an independent review into the breach and the company's response.
Equifax' notorious breach was accomplished by attackers exploiting a Web application vulnerability that was discovered by researchers in March.
That means three senior executives have now bitten the bullet following the breach, which was first reported earlier this month.
In 2014, Target's CEO Gregg Steinhafel left his company five months after a data breach at the retail chain put the personal information of more than 70 million American consumers at risk.
The company said credit card numbers were compromised for some 209,000 United States consumers, as were credit dispute documents for 182,000 people. Equifax is temporarily waiving its normal fee for credit freezes as another part of its effort make amends for its security breakdown.
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