Equifax CEO Richard Smith is retiring less than three weeks after the company admitted to a cybersecurity breach that had exposed the personal information of 143 million Americans.
The Atlanta-based company’s board made the announcement before markets opened on Tuesday that the 57-year-old Smith is retiring from both positions after 12 years leading the company. His departure is effective immediately.
Earlier this month, the credit monitoring agency revealed hackers had exploited a vulnerability in the company’s IT infrastructure to gain access to personal data of roughly half the U.S. population.
The company’s problems only got worse from there, as its initial response was criticized, and several executives were found to have sold shares in the company around the time the breach happened.
Smith received more than $15 million US in compensation in 2016, according to data compiled by Bloomberg. In a regulatory filing, the company says Smith will not receive his annual bonus this year.
“The cybersecurity incident has affected millions of consumers, and I have been completely dedicated to making this right,” Smith said in a statement. “At this critical juncture, I believe it is in the best interests of the company to have new leadership to move the company forward.”
The board has named Paulino do Rego Barros Jr. as interim CEO while it begins a search for a replacement.