Beleaguered Equifax CEO “Retires”, Gets $18M Parting Gift
It’s hard to imagine how Rick Smith, now the former CEO of Equifax earned his $18-million parachute after overseeing a data breach of half of America and when every week there was a damning story about the organization’s boast of it’s security mettle or ruthless drive to acquire more data but hey, them’s the breaks. (Seriously, the more that came out the more you wondered: just what does it take for a guy to lose his job).
Anyway, Atlanta-based Equifax announced a few minutes ago that Smith is “retiring” as CEO. Which on the one hand is true: his career is likely finished. However, methinks it wasn’t voluntary.
Taking over on an interim basis is Paulino Barros. Equifax chairman Mark Feidler could muster only a pathetic statement of: “speaking for everyone on the Board, I sincerely apologize” for what he calls “the cybersecurity incident.”
Well no one will accuse Feidler or Equifax of overstating things, that’s for sure.
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This man deserves every penny. He is a bootstraps self made orphan with a …a….a…
a check for $18million.
I am sorry I can’t apologize for this. Can NoWay explain how this is why the GOP and their sister agency the DNC endorses such free market payouts? Would be nice if that money were froze for reimbursement in the upcoming damages case/
For once, I agree with you…
Nor should you have to apologize.
The free market can dictate whatever payouts it deems necessary.
The federal government can tax those payouts.
Well in this case, the Free Market has zero morals; therefore fundamentally evil in nature. If you are OK with this, you should not be making major policy dictates to the American people.
30 million crimes were committed. If the free market blesses such transaction, how in the hell can you just ‘shrug and defend’ the concept as ‘yeah, well… huh!”?
I can’t; I am actually a real human.
We’ve been down this road before. We know that no one is going to be held criminally responsible.
We can tax and we should.
SOP in Corporate, Team or bureaucracies, prior to litigation and to stop the bleeding, protect the ship:
https://m.youtube.com/watch?v=5LcU7M89I1w
The ship needs to be scuttled. It serves no real purpose, as the barnacle serves no purpose except to benefit itself.
Equifax is the barnacle on our ship of economy.
No excuses for Equifax but if this was a part of government there would be no accountability, a lot of high paid dept heads would retire on a fat public paid pension and they would hire thousands more to “sort it out”.
The Feds and banks would declare Equifax too big to scuttle.
I disagree. Let’s assume it was like the Science and Technology Department of Homeland Security.
Seems more likely there would be 16 Congressional hearings, a couple of mid-level administrators would take the fall, an 18 month study looking for ways to improve the system would be given $14 billion, and then a change in leadership would pitch all that and implement their own program.
Which I guess isn’t really too far from what you said.