Equifax CEO eligible for bonus of more than $2 million
Equifax Inc. (EFX) Chief Executive Richard Smith is eligible for a retirement bonus of more than $2 million, after the executive agreed to retire following a massive data breach at the credit-monitoring company (http://www.marketwatch.com/story/equifax-ceo-richard-smith-to-retire-after-12-years-in-the-role-2017-09-26). According to Equifax's most recent proxy statement, an annual document that outlines executive compensation, Davis is the only executive with an employment agreement that spells out severance provisions, and termination by retirement includes the potential for "a cash payment equal to the highest annual bonus earned under the executive bonus plan with respect to the three calendar years immediately preceding the year of termination, prorated for the number of days in the current fiscal year through the date of termination." Smith has achieved his maximum cash bonus of more than $3 million each of the last two years, which would make him eligible for a bonus of roughly $2.3 million. Davis has also built a pension of more than $18 million, the Securities and Exchange Commission filing (https://www.sec.gov/Archives/edgar/data/33185/000130817917000063/lefx2017_def14a.htm) shows. Equifax did not immediately respond to an email seeking comment on whether Davis would receive his bonus or other eligible compensation. Equifax stock fell as much as 3.3% early in Monday's regular trading session, while indexes like the S&P 500 and Dow Jones Industrial average traded up slightly.
-Jeremy C. Owens; 415-439-6400; AskNewswires@dowjones.com
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