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Posted in 2017 contender, Finance & Insurance | 0 comments

Equifax: Richard Smith (CEO)

Equifax: Richard Smith (CEO)

Why this is a big quit:

The exodus of top level managers of the credit reporting company amid the massive data hack grew by one with the departure of CEO, Richard Smith. Prior to the data breach, Smith, deservedly so, received a lot of credit during his tenure. Under Rick, Equifax achieved considerable growth and performance since 2005, including total shareholder returns 103% greater than the S&P 500 index and market capitalization growth from $4.3 billion to $15.7 billion. On top of that, Smith was dubbed by the Atlanta Business Chronical as “Most Admired CEO.”

Why this is not as big as the top 10:

Receiving that title only made the downfall that much harder for Smith. Despite his accomplishments Smith did not build up enough credit to stave off the impact of the data breach. Under Smith’s watch, Equifax experienced one of the largest cyberattacks in history, resulting in the theft of social security numbers, birth dates, and other key information from 143 million Americans. Since the hack was made public, Equifax shares plummeted 27 percent, along with Smith’s reputation and chances of making the top 10.