Equifax CEO retires after data breach

Equifax CEO retires after data breach
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The chief executive officer of Equifax retired from the company after a data breach affecting approximately 143 million people was reported earlier this month.

Equifax’s board announced Richard Smith’s retirement, which is effective Tuesday, in a statement that also appointed an interim CEO. 

“The Board of Directors appointed current board member, Mark Feidler, to serve as Non-Executive Chairman. Paulino do Rego Barros, Jr., who most recently served as President, Asia Pacific, and is a seven-year veteran of the company, has been appointed as interim Chief Executive Officer, succeeding Smith,” the statement said.

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“The Board will undertake a search for a new permanent Chief Executive Officer, considering candidates both from within and outside the company. Mr. Smith has agreed to serve as an unpaid adviser to Equifax to assist in the transition.”

Smith will forgo any benefits or bonuses owed to him by the company until after the board of directors completes its review of the massive data breach.

The credit reporting agency earlier this month said the breach allowed hackers to gain access to the names, birth dates, Social Security numbers and other personal information of about 143 million consumers. Equifax said it discovered the breach in July.

Smith will testify before the House Energy and Commerce Committee on October 3. The House Financial Services Committee will also hold a hearing.

This story was updated at 10:05 a.m.