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)
Cory published a writeup of my research showing Google offshoot Sidewalk Labs’ plan to build a surveilling city in Toronto involves a much, much larger chunk of land than publicly disclosed (in fact about 2,600 acres of prime Toronto waterfront!). It flushed out a response from the high-priced US PR firm Berlin Rosen, apparently acting […]
In 2015, a scandal involving the state-owned 1Malaysia Development Berhad fund brought down the country's authoritarian government, amid allegations that the disgraced ex-Prime Minister Najib Razak and his retinue embezzled $4.5 billion from the fund.
Charter-Spectrum has settled a lawsuit brought by the New York Attorney General that accused the company of defrauding New Yorkers through false advertising about the data-speeds they could expect from their plans (among other things, the AG accused Charter of supplying customers with modems that were too slow to attain the speeds they'd paid for).
For the newbie, Python can seem like the most intimidating programming language. After all, it can be used to create everything from simple apps to vast networks of web crawlers. But there are fundamental principles that underlie all the uses of this versatile platform, and you can absorb them all with the Python Master Class […]
Building a website on WordPress has always been easy. But if you really want to make your website stand out from the growing crowd, you’re going to need some help. For our money, a subscription to Storeshock WordPress Themes & Elements does the trick almost as well as having a pro designer by your side […]
These days, there isn’t much our iPhone camera can’t do – except feel like an actual phone. Despite years of steadily increasing resolution and image sensing technology, we’re still taking shots awkwardly with two hands, fumbling for the shutter button. Leave it to an avid photographer to design Shuttercase, a versatile iPhone case that solves […]