Equifax Inc. (NYSE: EFX) announced on Wednesday that it has appointed Mark Begor as the new Chief Executive Officer, effective on April 16, the company’s search after Robert Smith stepped down from the position after the massive data breach last year.
Equifax shares were trading 3 percent higher on Wednesday.
The company’s data breach last year affected nearly 150 million American consumers, exposing sensitive information such as social security numbers and other personal information. The firm was aware of the breach last year in July, but did not announce the breach until few months later in September.
Investors reacted negatively to the company’s delayed announcement, which ultimately led to Smith stepping down.
“After conducting a comprehensive search process, the Board is extremely pleased to welcome Mark to the Equifax team. He is a highly accomplished executive with a long track record of successful leadership across a variety of global industries relevant to our business,” said Mark Feidler, Chairman of the Board of Directors.
Begor joins Equifax from Warburg Pincus, where he served as a Managing Director. He joined Warburg Pincus after serving 35-years with General Electric Co., where he served at President and CEO.
"I am excited to take the helm of Equifax at such a pivotal moment in the company's history," said Begor, “I will prioritize continuing our team's efforts to communicate transparently and restore confidence with consumers, customers, shareholders, and policymakers. And most critically, we will continue to invest in and strengthen our IT and data security. As a custodian of consumer and customer information, protecting that data is a central priority for Equifax and for me personally."
Begor will succeed Paulino do Rego Barros Jr., who served as interim CEO of Equifax after Smith’s retirement. Paulino announced that he will retire from the company in early 2019, but asist Begor in his transition.