Equifax, the credit scoring company embattled in a scandal due to its massive data breach last fall, announced on Thursday (March 22) that Robert W. Selander, the former president and chief executive officer of Mastercard, has been named to its board of directors. In a press release, Equifax said the board now consists of 12 directors, all of whom are independent.
“Bob Selander is an outstanding addition to our Board of Directors,” said Non-Executive Chairman, Mark L. Feidler in the press release. “Bob’s record of strategic innovation and background as a seasoned CEO with knowledge of our industry will strengthen our Board’s broad-based skillset. He will provide valuable insights with respect to our global efforts to rebuild trust with our stakeholders while ensuring long-term business success.”
According to Equifax, Selander served as president and CEO of Mastercard from 1997 until 2010. At Mastercard, he created and structured a business where he served as president of Mastercard’s Europe, Middle East, Africa and Canada regions until his appointment as president and CEO. Prior to Mastercard, he spent 20 years at Citibank, where he held several leadership positions, including managing parts of Citibank’s Consumer Financial Services business in the United States, Brazil, Puerto Rico and the United Kingdom.
The appointment comes as it was recently revealed that costs from the data breach at Equifax will increase by $275 million in 2018. The jump in cost suggests the breach could turn out to be the most expensive hack of a corporation ever. Citing comments the company made on a recent conference call, Reuters reported the $275 million is in addition to the $164 million in pre-tax costs it reported for the last six months of 2017.
Some of the money to be spent in 2018 for the data breach includes technology and security upgrades, legal fees and free identity theft services for consumers who were impacted by the attack. At the end of 2017, the cost from the data breach stood at $439 million. Of that amount, Equifax said $125 million will be covered by an insurance policy.