Equifax, home of the hack that compromised over 145 million Americans’ data, is just saying no to executive bonuses this year — and scrapping buybacks.
The move comes as Equifax braces itself for an oncoming wave of lawsuits and a potential pile of regulatory investigation and fines in the not-too-distant future.
It will mean a significant pay cut for some of Equifax’s top leaders. According to Financial Times reporting, five senior managers have collected $17 million worth of incentive awards in the last year alone. It will also mean quite a cutback for investors. Equifax has bought back $77 million worth of its shares since June, but has now canceled plans for more repurchases this year.
“We just don’t think it’s appropriate,” said John Gamble, chief financial officer.continue reading »