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Departing Equifax CEO will not get $5.2 million in severance pay

Richard Smith stepped down as Equifax chief executive officer will not be getting any severance pay, according to a new report from The Wall Street Journal. A company spokesperson on Tuesday said that he will, however, likely receive about $18.4 million in pension benefits.

Equifax CEO stepped down after the company came under fire for a massive data breach the affected 143 million people. Mr. Smith stepped down as both the company chairman and chief executive in the company. This comes weeks after disclosure of Equifax’s massive data breach.

Pointed out by WSJ, there is an unusual agreement in place. Equifax and Mr. Smith will be putting off a final decision on how to characterize his departure and any or all benefits he is due until the hack investigation is complete. Prior to this, his departure has been characterized as a “retirement,” but will most likely change upon completion of the massive breach.

It currently isn’t clear why Mr. Smith and Equifax decided to put off the decision. It’s highly likely that Mr. Smith will receive his pension benefits, but more than likely not receive anything else. He also owns more than 285,000 shares of Equifax, including 62,000 shares that have yet to be vested.

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Hamza Khalid

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