Equifax CEO Abruptly Retires Following Data Breach

Richard Smith, CEO and Chairman of Equifax, retired suddenly Tuesday following the credit-reporting service’s data breach affecting the personal information of 143 million people.

According to statement from the company’s board, the retirement is effective today. 57-year old Smith became chairman and CEO in 2005 following a 22-year tenure at General Electric in senior roles. He is schedule to appear at a hearing of the Senate Banking Committee next month, according to CNBC.

The breach has launched multiple investigations, including with the Department of Justice in Atlanta and the Federal Trade Commission. The company reported that its Chief Information Officer and Chief Security Officer retired earlier this month.

Equifax shares were halted in pre-market trading Tuesday before the announcement, but they have fallen 26 percent in September after the breach was revealed.

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