Equifax CEO Richard Smith Who Oversaw Breach To Collect $90 Million (fortune.com)

An anonymous reader shares a report: The CEO of Equifax is retiring from the credit reporting bureau with a pay day worth as much as $90 million -- or roughly 63 cents for every customer whose data was potentially exposed in its recent security breach. Richard Smith, 57, is the third Equifax executive to retire under pressure following the company's massive data breach revealed earlier this month, putting the personal information of as many as 143 million people at risk. Equifax said Tuesday that as a condition of Smith's retirement, he "irrevocably" forfeits any right to a bonus in 2017, an amount that under normal circumstances would have totaled more than $3 million -- the bonus he received in 2016 -- according to the company's retirement policy. But the CEO is still set to collect about $72 million this year alone (including nine months' worth of his $1,450,000 salary), plus another $17.9 million over the next few years. That's when the rest of Smith's stock compensation hits a few important milestones or "vests," allowing Smith to essentially put it in his bank account. Altogether, it adds up to a total potential paycheck of more than $90.1 million, according to Fortune's calculations based on Equifax securities filings.

Comments

Look at it this way...

[rickb928]

It's cheaper than keeping him.

Customers???

[jenningsthecat]

... roughly 63 cents for every customer whose data was potentially exposed in its recent security breach.

A customer is someone who purchases a commodity or service. The vast majority of those put at risk by Equifax's fuckup were in no way "customers". Unless they were capable of purchasing EVERYTHING using cash, or opting out of mainstream society and living off the grid altogether, they had no true choice in the matter of whether or not their personal data was under Equifax care. Calling them customers implies that they were partly responsible for their misfortune because in having chosen to deal with an irresponsible vendor; the fact is that they are simply victims of a too-powerful company's careless disregard for its responsibilities and obligations.