By Sahid Fawaz
When a worker messes up on the job, she doesn’t receive a $90 million pat on the shoulder.
CEOs apparently do.
“The CEO of Equifax is retiring from the credit reporting bureau with a pay day worth as much as $90 million—or roughly 63 cents for every customer whose data was potentially exposed in its recent security breach.
Richard Smith, 57, is the third Equifax executive to retire under pressure following the company’s massive data breach revealed earlier this month, putting the personal information of as many as 143 million people at risk.
Equifax (EFX, +1.18%) 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.”
For the rest of the story, visit Fortune.com here.