Equifax Chief Executive Richard Smith has resigned amid backlash after the company’s embarrassing cyber-attack went public last month. Smith will still receive an $18.4 million pension. The resignation is an attempt by the company to regain public trust. The company reported the breach that left a potential 154 million Americans personal information exposed, three months after the incident occurred. It was then reported that multiple top executives in the company sold off major shares of company stock after the company learned of the breach, and before the company informed the public. Equifax, along with Experian and TransUnion make up the three major credit reporting agencies in the Country. If you’ve ever applied for a loan of any type, the company will check you out through one of the three credit bureaus before granting the loan or line of credit. The exit by Smith comes one week before the company is set to answer some tough questions in front of Congressional lawmakers on Capital Hill. Senator Elizabeth Warren said “It’s not real accountability if the CEO resigns without giving back a nickel in pay and without publicly answering questions.” Equifax shares have fallen 26 percent since the cyber-attack was publicly disclosed on September 7th.

Leave a Reply