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Equifax boss steps down in wake of massive data breach

Last updated: 00:12 27 Sep 2017 AEST, First published: 19:12 26 Sep 2017 AEST

credit score
If the figure of 143mln affected customers is verified, it will be one of the largest breaches in history

The boss of Equifax Inc. (NYSE:EFX) has stepped down, just weeks after the embattled credit score provider revealed that the details of 143mln customers had been hacked in one of the largest data breaches ever.

In a statement on Tuesday, Richard Smith said he was retiring with immediate effect to enable the business to be taken forward under someone else’s leadership.

"The cybersecurity incident has affected millions of consumers, and I have been completely dedicated to making this right," Smith said.

"At this critical juncture, I believe it is in the best interests of the company to have new leadership to move the company forward."

That means three senior executives have now bitten the bullet following the breach, which was first reported earlier this month.

READ: Credit score giant reveals massive data breach

The 57-year-old will be replaced by current board president of Asia Pacific Paulino de Rego Barros, who will fill in while a permanent successor is found.

Smith has been chief executive since 2005 and was paid almost US$15mln in total compensation last year, according to Bloomberg’s data.

Shares were down 1.1% to US$103.96 in early deals on Tuesday.

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