"I think it's a real step up that they're losing Mr. Smith" after the recent data breach disclosures, Cramer said on "Squawk on the Street."
"I like the stock more because Smith is gone because I think there's more of a chance that there won't be a full-blown investigation," he added.
Cramer has been a critic of Equifax since the company revealed that the hacking could potentially expose the personal information of 143 million consumers in the United States.
The company first said on Sept. 7 that it discovered an intrusion on July 29. Then less than two weeks later, it disclosed that another earlier major breach happened in March.
Equifax shares have fallen more than 25 percent since Sept. 7.
Cramer said Tuesday he's concerned that Smith's "retirement" could also mean a "full payout." There should be a hearing to answer these questions, he urged.
Shortly after Cramer's appearance, details from an Equifax filing showed Smith won't get his annual bonus. The filing also said that all decisions relating to Smith's employment agreement "will be deferred" until the board finishes its "independent review" of the breach.
In the fallout, two other top executives — the chief information officer and chief security officer — retired earlier this month.
Before Tuesday's retirement announcement, Smith was expected to testify on Oct. 3 before a House panel. Sen. Elizabeth Warren, D-Mass., has also started an investigation. There are multiple investigations at the state level as well.