In his 12 years as the chairman and chief executive of Equifax Inc. EFX, Richard F. Smith rode out multiple security breaches, but the recent hack, exposing the information of upward of 143 million consumers, proved his undoing.
Amid enduring investigations and public uproar, including a call for his dismissal by CNBC’s Jim Cramer, Smith announced his immediate retirement Tuesday.
"The cybersecurity incident has affected millions of consumers, and I have been completely dedicated to making this right," Smith said. "At this critical juncture, I believe it is in the best interests of the company to have new leadership to move the company forward."
Paulino do Rego Barros Jr., the president of Equifax’s Asia Pacific segment, will step in as interim CEO, while board member Mark Feidler will serve as chairman.
Smith’s resignation follows the Sept. 14 departures of the company’s chief information officer and chief security officer.
Equifax traded down more than 2 percent on the news. The stock’s present $103.61 value represents a 28-percent decrease from the pre-hack rate.
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