While Equifax's old CEO testifies in front of Congress, the company laid out a lucrative new salary package for its new CEO, Paulino Barros, Jr.
While Barros' base salary of $470,000 is not changing, he will now receive an extra $25,000 a month in pay for taking the interim CEO job for at least six months.
He will also get a $500,000 cash bonus if he meets certain undisclosed criteria by the company's board of directors. Barros will also receive a one-time grant of $1.5 million in Equifax stock and will be eligible for at least $372,000 in additional compensation for performance.
In total, Barros could make roughly $2.99 million for his job, and that could rise to $3.7 million based on performance.
While Barros is getting a hefty raise, he will be making far less than the roughly $15 million in total compensation that Smith received last year.