ADVERTISEMENT
ADVERTISEMENT

Equifax picks private equity executive as new CEO

Equifax on Wednesday named Mark Begor, a private equity executive who once led General Electric’s credit card business, as its new chief executive.

Begor, a managing director at the private equity firm Warburg Pincus, will start at Equifax on April 16. He is also a member of the board at the credit-scoring company FICO, a position he plans to give up before joining Equifax.

Equifax said it would give Begor stock and options valued at $17 million this year and an annual salary and bonus of up to $4.5 million.

Barros will stay through the transition and retire early next year, Equifax said.

ADVERTISEMENT

Equifax, which is based in Atlanta, is one of the country’s so-called big three credit reporting bureaus. It maintains files on about 220 million Americans.

After the data breach — and a response by the company that was widely criticized as inadequate — Equifax has continued to stumble. In January, an app it released that was meant to let people lock their credit files was riddled with glitches. This month, a former company executive was charged with insider trading for selling Equifax shares after the breach but before it was publicly disclosed.

“The team has made meaningful progress in the last several months to address a number of well-publicized issues,” Begor said in a statement. “I will prioritize continuing our team’s efforts to communicate transparently and restore confidence with consumers, customers, shareholders and policymakers.”

Begor spent 35 years at General Electric, where his duties included leading the conglomerate’s real estate investment and energy management units. For nine years, he was president and chief executive of the company’s consumer credit business, which was later spun off as Synchrony Financial.

This article originally appeared in The New York Times.

ADVERTISEMENT

STACY COWLEY © 2018 The New York Times

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Here's everything to know about being a virgin on your wedding night

Here's everything to know about being a virgin on your wedding night

7 do's and don’ts of the Holy month of Ramadan

7 do's and don’ts of the Holy month of Ramadan

Top 5 sweetest celebrity mother-child relationships that stand out for us

Top 5 sweetest celebrity mother-child relationships that stand out for us

International Women's Day: 5 Nigerian female celebrities championing women’s rights

International Women's Day: 5 Nigerian female celebrities championing women’s rights

Top 5 female directors in Nollywood

Top 5 female directors in Nollywood

6 things that will break a Muslim's fast during Ramadan

6 things that will break a Muslim's fast during Ramadan

5 benefits of fasting during Ramadan

5 benefits of fasting during Ramadan

5 reasons Easter was more fun when we were children

5 reasons Easter was more fun when we were children

Dos and don’ts of supporting Muslims during Ramadan

Dos and don’ts of supporting Muslims during Ramadan

ADVERTISEMENT
ADVERTISEMENT