The CEO of disgraced credit score company Equifax signed an agreement that revoked his annual bonus and gave the firm the power to cancel his retirement package as part of a deal to have him step down immediately, Reuters reported Tuesday.
Signed Monday, the agreement, which modified one made between Smith and Equifax in September 2008, stated Smith, 57, would retire but also assist the company in fixing its reputation “without compensation” for up to 90 days.
The fate of “any obligations or benefits owed” to Smith hinges on the results of the board of directors’ independent review. It also states Smith will not receive a bonus for the period ending December 31, 2017.
Smith's retirement package remains in jeopardy, but he has piled up millions since the beginning of 2016. Smith has racked up $68.9 million by selling 679,268 shares of company stock since last year, CNN Money reported earlier this month.
During his 12-year tenure—after more than two decades at General Electric—Smith helped Equifax’s stock price rise by 332 percent. But the company's reputation has been battered by the news earlier this month that data on 143 million Americans have been compromised by hackers from the middle of May until July.
Hackers managed to pull names, Social Security numbers, addresses and other information during a breach that occurred from the middle of May until July. Equifax claimed it had not learned of the hacking until July 29.
The cybersecurity incident has affected millions of consumers, and I have been completely dedicated to making this right," Smith said in a company-issued 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."
Paulino do Rego Barros Jr., who previously headed up Equifax’s Asia-Pacific region, was named interim CEO.
Smith’s exit is just the latest amidst the scandal. The Atlanta-based company's chief information officer and chief security officer stepped down September 14.
Smith joined them to the door on Tuesday, leaving the company's new chairman, Mark Feidler, to mop up.
“Speaking for everyone on the board, I sincerely apologize,” Feidler said in a statement. “We have formed a special committee of the board to focus on the issues arising from the incident and to ensure that all appropriate actions are taken.”