8-KLeadership Changes

EQUIFAX INC 8-K Report, Executive Changes (Feb 11, 2009)

Filed February 11, 2009For Securities:EFX

Summary

This Form 8-K filing from Equifax Inc. (EFX), dated February 11, 2009, details executive compensation decisions made on February 5, 2009, by the Compensation, Human Resources and Management Succession Committee. The report focuses on the approved annual cash incentive awards for named executive officers for the 2008 performance year, under the Annual Incentive Plan (AIP). Key information for investors includes the specific bonus amounts awarded to top executives, which were based on corporate-wide goals such as earnings per share and revenue, as well as individual management objectives. For the President of TALX, the bonus was tied to TALX's operating income. Notably, the company also decided to maintain the 2009 annual base salaries for these executives at their 2008 levels, indicating a period of compensation stability despite the then-prevailing economic conditions.

Key Highlights

  • 1Equifax Inc. disclosed 2008 annual cash incentive awards for its named executive officers on February 5, 2009.
  • 2Awards were determined by the Compensation, Human Resources and Management Succession Committee based on the Annual Incentive Plan (AIP).
  • 3Performance metrics for corporate officers included earnings per share (65% weighting), revenue (15%), and individual objectives (20%).
  • 4William W. Canfield, President of TALX, had his incentive tied 100% to TALX's operating income.
  • 5The highest award was granted to CEO Richard F. Smith, totaling $1,813,630.
  • 6The Committee decided to keep the 2009 annual base salaries for named executive officers unchanged from their 2008 levels.

Frequently Asked Questions

This 8-K filing primarily reports on the executive compensation decisions made by Equifax's Compensation Committee regarding the 2008 annual cash incentive awards for its named executive officers and the decision to maintain their 2009 base salaries.

The awards were determined by the Compensation Committee based on pre-determined goals outlined in the Annual Incentive Plan. For corporate officers, these goals included earnings per share, revenue, and individual management objectives. For the President of TALX, the goal was TALX's operating income.

No, the filing explicitly states that the Committee determined to leave the 2009 annual base salaries of the Company's named executive officers at their 2008 levels.

Bonus targets were set as a percentage of base salary. These targets were 60% of base salary for most executives, but 100% for CEO Richard F. Smith and 75% for TALX President William W. Canfield. Actual awards could range from 0% to 200% of these targets based on performance.