Equifax chief Richard Smith steps down in wake of massive data breach

Equifax chief Richard Smith steps down in wake of massive data breach

Equifax chief Richard Smith steps down in wake of massive data breach

In the wake of Equifax's devastating security breach, which affected over 143 million United States citizens, the company's CEO, Richard Smith, has announced that he will be stepping down from his leadership role and his role as Board Chairman.

Equifax Chairman and CEO Richard F. Smith is retiring, the credit reporting agency announced Tuesday.

"The cybersecurity incident has affected millions of consumers, and I have been completely dedicated to making this right", Smith said. Speaking for everyone on the board, I sincerely apologize.

Feidler said the Equifax board has formed a special committee to investigate issues arising from the incident and to ensure all appropriate actions are taken.

Equifax acknowledged that a flaw in its software allowed hackers to access social security numbers, birthdates and other personal data vital to identity theft.

Richard Smith will also forego his annual bonus as part of his termination agreement. Equifax is still searching for a new CEO.

Smith, who made nearly $15 million in salary, bonuses and stock previous year, will be able to stay on the company's health plan for life.

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"So many Americans were affected, three million in MA", said John Canon, Information Security Officer at Greenfield Community College.

"The American public deserves answers about what went wrong at Equifax and what the company plans to do going forward", she said. But Equifax didn't reveal the breach until early September.

The Senate committee on banking, housing and urban affairs will hold a hearing on the scandal on 4 October and Smith is still expected to testify.

It's not just that the names, addresses, and Social Security numbers of a significant portion of the US population were stolen from a company many people cared little about before this hack.

Smith joined Equifax as CEO in 2005, after 22 years at General Electric.

The biggest criticism against Equifax is the report the chief financial officer and several other executives sold $1.8 billion of company stock just days after the company discovered the breach internally but weeks before Equifax announced to the public. Those affected had Social Security numbers, birth dates, addresses and driver's license numbers compromised, while credit card information for hundreds of thousands more customers is said to have been put at risk.

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