Equifax’s Captain and some of his ‘crew’ are jumping the boat

Posted on October 24, 2017

There’s still a lot going on at one of the largest U.S. credit report bureaus, as the cybersecurity scandal they suffered back in July continues to impact many different spheres of the company.


The most recent news coming out of the company’s Board of Directors is the retirement of its Chief Executive Officer, Richard Smith, which according to Equifax’s statement, will be effective as soon as yesterday!


Smith’s leave doesn’t come as a surprise, as the corporation hasn’t been too effective at dealing with the massive blow-out of this security breach. Something that became evident, for example, when Smith decided not to address those affected by the situation, and instead he chose to set up a website for them to go and find out where they’ve got all their information stolen or not. Not what people were expecting, that’s for sure!


On the other hand, other troubling news came in as the boat was being severely hit, saying that the company’s Chief Financial Officer, along with other two top executives, sold shares of the company days before the breach was publicly announced. Strike two!


Finally, a Titanic-like scene where musicians are still playing even though the boat is clearly sinking, Equifax continued to charge their regular fees to clients who wanted to freeze their credit reports, as that is one of the best ways to avoid the fallout of getting all your information stolen. Later on, the company took a conscious step back in this regard and went free-for-all on this matter, but consumers were clearly annoyed by their initial indifference. That was perhaps, strike three and out for Mr. Smith.


Meanwhile, the Board has appointed Paulino do Rego Barros Jr., as its Interim Chief Executive Officer, and has also kept Smith around as an ‘unpaid’ adviser, to help transition the CEO position to the next guy.


As there are still many ongoing federal investigations on the security breach, it is unclear whether Smith will be summoned to participate in them, but probably will, as he was the ‘captain’ at the time the event took place. Regarding his retirement, Smith said that “At this critical juncture, I believe it is in the best interests of the company to have new leadership to move the company forward”.


Along with Smith, both the Chief Information Officer and the Chief Security Officer also retired. Something that hasn’t been quite satisfactory about these leaves is the use of the word “retire” to identify the end of their job relationship with the company. In this regard, Ed Zitron, the founder of EZPR, a media relations company, has commented on this by saying “That’s a very different thing to being fired”, and he also added “not naming them and letting them retire to me suggests that [Equifax] didn’t really want to blame anyone”.


A Congressional hearing is scheduled to take place soon, as many are expecting that things start to ‘come to light’.


In the meantime, we want to help you deal with the fallout of this harmful breach. Our sister company, DeletionExpert.comspecializes in identity theft and credit repair for identity theft victims and they can remove all the items resulting from such situation WITHIN ONLY 1 TO 3 WEEKS.


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