8-KLeadership Changes

EQUIFAX INC 8-K Report, Executive Changes (May 30, 2025)

Filed May 30, 2025For Securities:EFX

Summary

Equifax Inc. (EFX) has announced a significant executive change with the departure of Todd Horvath, Executive Vice President and President of U.S. Information Solutions (USIS), effective June 1, 2025. This departure necessitates the initiation of a search for a successor, with CEO Mark Begor temporarily assuming leadership of the USIS business unit. Investors should note this leadership transition within a key operational segment of the company. The financial implications of Mr. Horvath's departure include a separation agreement providing him with $2.9 million in cash severance, equivalent to approximately two years of his annual cash compensation. He will also receive a prorated 2025 annual incentive award based on his tenure through June 1, 2025, to be paid in Q1 2026. Additionally, Equifax will provide $3.2 million in cash to Mr. Horvath, compensating him for the fair market value of his unvested new hire equity award, which was designed to offset unvested equity from his previous employer.

Key Highlights

  • 1Departure of Todd Horvath, EVP and President of U.S. Information Solutions (USIS), effective June 1, 2025.
  • 2CEO Mark Begor will temporarily lead the USIS business unit until a successor is appointed.
  • 3Mr. Horvath to receive $2.9 million in cash severance, approximately two years of his annual cash compensation.
  • 4Eligibility for a prorated 2025 annual incentive award, calculated and paid in Q1 2026 based on 2025 performance.
  • 5Mr. Horvath will receive $3.2 million in cash for the fair market value of his unvested new hire equity awards.
  • 6Unvested equity awards were forfeited upon separation from the Company.

Frequently Asked Questions

The filing does not specify the reason for Mr. Horvath's departure, only that he is leaving his role as Executive Vice President, President, U.S. Information Solutions (USIS).

Chief Executive Officer, Mark Begor, will assume leadership of the USIS business unit on a temporary basis until a permanent successor for Mr. Horvath is identified and appointed.

Mr. Horvath is set to receive $2.9 million in cash severance and $3.2 million in cash for his unvested new hire equity award, totaling $6.1 million. He is also eligible for a prorated 2025 annual incentive award.

No, Mr. Horvath's unvested equity awards were forfeited upon his separation from the Company. The payment of $3.2 million is a cash settlement for the value of those unvested awards, not a continuation of equity ownership.