Equifax reviews its top lawyer’s role in executive stock sales: WSJ

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(Reuters) – Equifax Inc is reviewing its Chief Legal Officer John Kelly’s involvement in stock sales by company executives made weeks before the credit-reporting service disclosed a massive data breach, the Wall Street Journal reported on Sunday.

Three senior executives including the company’s chief financial officer sold $1.8 million in shares within three days of the company learning on July 29 that hackers had breached personal data for up to 143 million Americans.

Kelly had the responsibility for approving the share sales and is also central to broader questions facing the Equifax’s board because he is responsible for security at the company, the WSJ reported, citing people familiar with the matter. on.wsj.com/2fE8fAf

Kelley had broad responsibilities beyond legal services in his position at Equifax that differed from peers at rival credit-reporting companies, WSJ said.

Equifax was not immediately available for comment.

In a letter to the U.S. House of Representatives, made public on Friday, Equifax said its board of directors has formed a special committee to review the stock sales.

The data breach was disclosed publicly on Sept. 7 and has since sparked a public outcry, government investigations, a sharp drop in the company’s share price and a management shake-up.