Equifax CEO Compensation Falls 12 Percent

By DAVID PITT

DES MOINES, Iowa (AP) — The total compensation package for the chairman and chief executive of Equifax Inc. fell nearly 12 percent in 2008 from the year before to about $7.2 million, according to a regulatory filing.

Richard F. Smith, 49, was awarded a base salary of $1.5 million, an 8.7 percent increase over 2007. Smith also received a $582,000 bonus and a performance-related award of $1.2 million, which was about 17 percent less than the award a year ago.

The credit report service company's board cited Smith's "decisive leadership in an extraordinarily difficult economic environment" as justification for the awards. The company achieved above-market financial results in a difficult operating environment, the board said in documents filed with the Securities and Exchange Commission on Tuesday. Also cited were Smith's actions to cut costs and push new product initiatives. ...