Equifax Names Warburg Pincus Executive Its New CEO

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Equifax, the credit scoring company still reeling from a massive data breach last fall, announced news on Wednesday (March 28) that its board of directors has concluded its previously announced CEO search process and has named Mark Begor as its new chief executive officer.

In a press release, Equifax said Begor will start on April 16 and is coming to Equifax from Warburg Pincus, where he was a managing director and focused on operational improvement across the portfolio of companies that fall in Warburg Pincus’ Industrial and Business Services unit. Begor has been with Warburg Pincus since 2016, following on the heels of a 35-year career with General Electric.

“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, including his nine-year leadership of General Electric’s retail credit card business, now Synchrony Financial, as well as his membership on FICO’s board of directors,” said Mark Feidler, chairman of Equifax’s board. “His proven leadership ability, operational expertise, growth focus, financial acumen, strategic vision and customer orientation make him the right person to lead Equifax into the future.”

During Begor’s 35 years at General Electric, Equifax said he was in charge of multibillion-dollar business units as president and CEO of GE Energy Management from 2014 to 2016, president and CEO of GE Capital Real Estate from 2011 to 2014 and president and CEO of GE Capital Retail Finance (Synchrony Financial) from 2002 to 2011.

“I am excited to take the helm of Equifax at such a pivotal moment in the company’s history,” said Begor in the same press release. “The team has made meaningful progress in the last several months to address a number of well-publicized issues while continuing to focus on delivering differentiated new products and advanced analytics to support our customers. 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 is succeeding Paulino do Rego Barros Jr., who has served as interim CEO of Equifax since September 2017, when the data breach came to light. Paulino is retiring from Equifax in early 2019, noted the company in the press release.

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