Equifax CEO Richard Smith announced his voluntary retirement yesterday, two months after the catastrophic breach that permanently leaked 140,000,000 Americans' most compromising financial data.
Today, we learn what his exit package amounts to: $90,000,000.
Equifax (EFX, +0.43%) 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.
After all, the main benefit of Smith retiring from Equifax, as opposed to being fired for cause—besides preserving his dignity—is that he'll get to continue earning his unvested stock compensation, including options and performance-based awards, as though he were still working at the company, according to Equifax policy. That perk, however, could still be revoked.
Equifax CEO Richard Smith Who Oversaw Breach to Collect $90 Million
(via Super Punch)
Wells Fargo is America's most scandal-haunted bank, which is quite an accomplishment in a heavily competitive field; now the bank has started closing its branches and cutting jobs (after pressuring employees to commit mass fraud on pain of being fired and blacklisted from the industry).
For more than a decade, Shipping and Transit LLC (AKA Arrivalstar) has been aggressively pursuing dubious patent claims against public transit companies, shippers, and other businesses whose practices overlapped with Arrivalstar's absurd, obvious patents on using GPSes to figure out where stuff was.
At $111,000,000, the California dialysis industry's campaign spending against Prop 8 (which caps the price of outpatient dialysis) is now the most expensive in US history.
In case you hadn’t noticed from the sleigh bell-heavy music and the hues on your Starbucks cup, the holiday season hasn’t shown any more patience this year. But that doesn’t need to be a bad thing, especially if you’re hoping to get a jump on your shopping. Retailers aren’t waiting til Black Friday to dish […]
What do you get for the techie who has everything? How about giving them a Raspberry Pi and letting them make pretty much anything. Or better yet, do it for yourself with the Ultimate Raspberry Pi eBook Bundle. This trove of ideas and education unlocks the unlimited potential of this mini-computer, whose affordability and versatility […]
Note-taking just caught up to the digital age. For most of us, writing freehand is quicker and more convenient than pecking away on a tablet, but what to do when you need those scribbles on file? Grab a Rocketbook Everlast Reusable Notebook, which seamlessly fuses analog and digital notes. Just jot down your thoughts, journals […]