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Equifax board weighing executive pay clawbacks in next few days: Report

Key Points
  • Equifax disclosed a data breach earlier this month that affects the personal information of up to 143 million people.
  • The CEO and the chief security officer, both who left the company after the breach was disclosed, could have to give back some of their pay, a report said Friday.
Equifax CEO Richard F. Smith.
Noah Berger | Bloomberg | Getty Images

Equifax's board of directors is considering taking back compensation for top executives in the wake of the massive data breach disclosed this month and could make an announcement about its plans in the coming days, according to a report Friday.

An unnamed "person familiar with the matter" told The Wall Street Journal that the board might clawback pay of former CEO Richard Smith and former chief security officer Susan Mauldin, who both left the company after the breach was disclosed earlier this month.

The board is weighing what time frame to consider when calculating how much to reclaim. The report said the executives might not get paid for this year and could give up past pay that hasn't vested yet.

Both executives said they retired. Smith, who walks away with $18.4 million regardless of how his departure is ultimately characterized, forfeited a bonus for this year but other compensation won't be decided until after the board competes a review of the breach and how it was handled, the company said earlier this week.

Smith's bonus in 2016 was $3 million and his total pay last year was $14.9 million, according to the company's proxy. Mauldin's pay wasn't disclosed in the proxy.