Equifax CEO Retires Following Epic Data Breach Affecting 143 Million People

Megalith

Megalith

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Richard Smith, CEO and chairman of Equifax, abruptly retired Tuesday following a data breach at the credit-reporting service that affected the personal information of 143 million people: Sen. Brian Schatz, a member of the banking committee, said Smith's departure just days before his scheduled appearances in Congress "is an abdication of his responsibility."

Smith's salary for 2016 was $1.45 million and his bonus was $3.045 million. In a regulatory filing on Tuesday, the company said Smith will not get a bonus for this year and any other decisions regarding how his departure from the company has been characterized or how much the company owes him will be deferred until the board completes an independent review of the breach and the response to it.
 
Was he retired involuntarily, (Retire or we will fire you)

Or did he proactively retire so he could dodge the hot mess?
 
Loss of client confidential data due to negligence should be treated just like the loss of client money due to negligence: you go to jail. Until this changes, we will keep getting these leaks.
 
Hear the CIO and CSO have 'retired' as well..... Bailing now so they can get their golden parachutes before details/truth come out about their gross negligence that would most likely disqualify them from getting anything.....

Won't anyone think about these poor poor rich fucks and how much harder they have it than us common folk....
 
Good! Finally a CEO gets booted for something stupid, and no bonus money for leaving.

I see Equifax going out of business soon.
 
In other words he's trying not to testify which could put him and other people in deep doo-doo. "Refer all questions to my successor who was not in charge at the time"
 
Motley said:
Good! Finally a CEO gets booted for something stupid, and no bonus money for leaving.

I see Equifax going out of business soon.
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They already have their cronies (Lobbyist in Washington) pushing for legislation to limit their liability from this. Sorry I can't reveal my sources.
 
No worries, he'll sue over not getting the bonus and still end up with a big payday.
 
Megaslug said:
No worries, he'll sue over not getting the bonus and still end up with a big payday.
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Yeeehaaaaaaaa only in America where you can fuck up this badly, go to court and still receive a bonus. Our goddanm system is fucked.
 
Interesting choice of the word "retired" instead of the usual "resigned" in this kind of circumstances.
 
DigitalGriffin said:
They already have their cronies (Lobbyist in Washington) pushing for legislation to limit their liability from this. Sorry I can't reveal my sources.
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What, having people sign up for THEIR free 1 year of monitoring that requires you to waive rights to any sort of lawsuit wasn't enough?
 
Jim Kim said:
It's one of the Javanka's (jared or ivanka)
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No it's not.

The entire process of how bills are formed from lobbyist to house resolutions in committee, is really eye opening. And it explains why congressional laws on technically complex issues (ie: health care and computers) are mostly inept and inadequate or only favor business. I had an insider near the top of the hill for years before they themselves became a lobbyist, and he gave me a few earfuls how it really works. And I saw how it falls apart on so many levels.
 
sfsuphysics said:
So he still needs to go before Congress right? You were the guy in charge when the shit went down, just because you are no longer in charge doesn't mean you are cleared of any backlash/responsibility.
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That's where the lawyers get involved. Congress CAN subpoena him if he wasn't named specifically on the summons. But Equifax can stall saying "The new CEO can answer any and all questions about what happened." It's also to save face to show they are making change. They can say in committee "We're changing ! We're good guys now. We let all the bad people go." It's standard damage control shell game.
 
100% of the people at the top of this company should be in prison with every asset they own confiscated. The destruction this WILL cause to millions of peoples lives will continue for decades.
 
throw him under the fucking jail for the rest of his life.

Bet that will make other companies with sensitive information take notice and start living up to their obligations.
 
Megalith said:
Smith's salary for 2016 was $1.45 million and his bonus was $3.045 million.
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If I made that much money in one year, I'd not only be able to retire, I'd be able to afford a really nice retirement.
 
nutzo said:
If I made that much money in one year, I'd not only be able to retire, I'd be able to afford a really nice retirement.
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I worked the numbers accounting for 3% inflation and assuming a relatively conservative 6.25% growth. To live indefinitely by pulling $80,000 initially on your stock fund assuming 3% inflation 3% reinvestment 3% pull and .25% for stock market variation using Monte Carlo analysis for mid risk stocks, you would have to have at least $3.5 million saved up by retirement for every $80,000 in income (give or take). At $4.49 million and government taking close to half, plus removing living expenses (assuming he lives modestly for his income) he would have to work like that at least two years. Not that I'm defending him.
 
DigitalGriffin said:
I worked the numbers accounting for 3% inflation and assuming a relatively conservative 6.25% growth. To live indefinitely by pulling $80,000 initially on your stock fund assuming 3% inflation 3% reinvestment 3% pull and .25% for stock market variation using Monte Carlo analysis for mid risk stocks, you would have to have at least $3.5 million saved up by retirement for every $80,000 in income (give or take). At $4.49 million and government taking close to half, plus removing living expenses (assuming he lives modestly for his income) he would have to work like that at least two years. Not that I'm defending him.
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After the government takes half, that's 2.25 million. My quick rule of thumb (how much you can take out while having you money outlast you) is 4% per year.
That's about $90,000/year, so my quick numbers are close to what you got.

However, I don't need that much for retirement as the house will be paid for and the kids will be out of college.
When combined with our social security, that additional $80,000 a year would provide for a very nice retirement.
I'd have more after tax money than I do now, plus no need to try and save more for retirement. :D
 
nutzo said:
After the government takes half, that's 2.25 million. My quick rule of thumb (how much you can take out while having you money outlast you) is 4% per year.
That's about $90,000/year, so my quick numbers are close to what you got.

However, I don't need that much for retirement as the house will be paid for and the kids will be out of college.
When combined with our social security, that additional $80,000 a year would provide for a very nice retirement.
I'd have more after tax money than I do now, plus no need to try and save more for retirement. :D
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You better grab hold of your ass. They are pushing through a bill that says by 2035, you'll only get 75% of your promised benefits. (You can thank the Republicans for that because the Ponzi scheme that is SS is finally collapsing under it's own weight.) And there's a bill in committee that applies extra taxes to 401k retirees above standard income tax...after all only rich people actually put away money right? (You can thank Democrats for that)
 
sure, leave someone else holding the bag.

he was supposed to be the pinata we could all whack
 
This is how you say I F-ed up big time and I don't know how to fix it, I'll just walk away. Hope these guys see some jail time because this was a serious breach. You were supposed to be able to go to them to check to make sure your credit isn't compromised.....now there is nothing left for that but 2 companies.
 
DigitalGriffin said:
You better grab hold of your ass. They are pushing through a bill that says by 2035, you'll only get 75% of your promised benefits. (You can thank the Republicans for that because the Ponzi scheme that is SS is finally collapsing under it's own weight.) And there's a bill in committee that applies extra taxes to 401k retirees above standard income tax...after all only rich people actually put away money right? (You can thank Democrats for that)
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I pay into SS and can't draw it.

Yay Railroad Retirement, sure hope the govt keeps their greedy fingers out of it.

I really ought to start putting small amounts into something physical periodically (precious metals). Hard to tell what everything will be like by the time I hit retirement (bout 35 more years or so).
 
Let's see; they had a data breach, sold their stock, bought a personal digital protection company, then announced the breach. No, nothing wrong with that at all.......
Business as usual for an American service corporation. Well, there are no schools that have ethics in business courses, are there.
 
DigitalGriffin said:
You better grab hold of your ass. They are pushing through a bill that says by 2035, you'll only get 75% of your promised benefits. (You can thank the Republicans for that because the Ponzi scheme that is SS is finally collapsing under it's own weight.) And there's a bill in committee that applies extra taxes to 401k retirees above standard income tax...after all only rich people actually put away money right? (You can thank Democrats for that)
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DigitalGriffin said:
You better grab hold of your ass. They are pushing through a bill that says by 2035, you'll only get 75% of your promised benefits. (You can thank the Republicans for that because the Ponzi scheme that is SS is finally collapsing under it's own weight.) And there's a bill in committee that applies extra taxes to 401k retirees above standard income tax...after all only rich people actually put away money right? (You can thank Democrats for that)
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You blame the Republicans, but they are just trying to clean up the mess left by the Democrat's Social Security Ponzi scheme.

Luckily I'll be retired before that date, so hopefully I'll be able to collect for a few years before they start cutting it.
 
His severance package should be having to post all his financial information, social security number, phone number and Drivers license number for everyone to see.....
 
Negligence does not equal criminal mastermind. If the Gub'ment wants to flay some billionaires there are plenty of banking executives out there living the good life, when they should all be dipped in acid.
 
Poor guy, set for life and can push blame on his minions. If he wants to work again, not like he needs to, he will have no problem doing so.

That's the problem with the ridiculous CEO pay, they are never truly held responsible. They get their money and just resign if shit hits the fan.
 
Of fucking course these scum fuckers bail when times get tough, why the fuck would they want to hang around and deal with their fucking mess when they can just fucking retire on some island with their fucking golden parachutes.

Fucking parasitic cowards!
 
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