The Equifax Board of Directors today honored Daniel W. McGlaughlin’s decision to retire at the end of the year and elected Thomas F. Chapman the new chief executive officer. The move takes effect January 1, 1998.
Commenting on the action, C.B. Rogers, Jr., chairman of the board, said, “This succession is based on implementing a strong strategy for future growth and a strong succession plan. When Vice Chairman and CEO Dan McGlaughlin, 61, decided to retire following the successful spinoff of ChoicePoint and continued record earnings, he had the team in place, ready to go.”
The leadership transition comes at a time when Equifax has been setting records for growth and profitability:
— its market cap this year hit an all time high of $4.8 billion;
— its market share climbed to number one or two in almost every market served even as it expanded globally;
— and its mid-year spinoff of insurance operations led to the formation of two strong, independent companies, both trading on the New York Stock Exchange.
“Through the Equifax management team, Dan McGlaughlin engineered one of the smoothest spinoffs in American business,” Rogers said, “maintaining momentum and putting Equifax in position to become a 21st-Century prototype company. He has our sincere thanks.
“Tom Chapman, who takes over the CEO reins, is an outstanding executive and strategist who has grown the Equifax business dramatically and has been considered heir apparent for some time,” Rogers said. “This is a logical, seamless transition that brings great leadership, energy and vision to the business.”
Chapman, 54, who was elevated to president and chief operating officer with the August 7 spinoff, will now become president and chief executive officer. It will put him at the helm of a company with revenues over $1.3 billion…a company with operations in 17 countries and sales presence in over 40, serving over 300,000 customers.
“With Equifax coming up on its 100th anniversary in early 1999,” Chapman said, “history does not repeat itself and we must make our past success the starting line for the future. To do that, we’re actively repositioning Equifax as a company whose information, processing, and knowledge-based solutions are more and more instrumental in shaping global commerce.”
In other board actions today, directors of Equifax Inc. increased the share repurchase program by $200 million and declared a regular quarterly dividend of 8.75 cents per share payable December 15, 1997 to shareholders of record November 24, 1997 (see related release).
Daniel W. McGlaughlin
McGlaughlin was the ninth chief executive at Equifax. He joined the company in 1989 as senior vice president for Information Technology, after impressive careers with IBM and General Electric. He was elected to the Equifax Board of Directors in 1990 and subsequently promoted to president and chief operating officer on January 1, 1993.
He assumed the role of chief executive officer three years later in 1996. During his tenure, compound annual revenue growth was over 11% and profit growth was 21%, before unusual items. The company made 24 acquisitions and divested both its fledgling healthcare information business and its market research arm, National Decision Systems.
Reflecting on the changes, McGlaughlin said, “transforming the company into a high-tech, market-driven organization has put Equifax in position where its management, routing and enhancement of information are now becoming catalysts for business and commerce around the world.”
A native of Edinboro, Pa., McGlaughlin is a member of the Advisory Board of Wachovia Bank of Georgia; and the boards of directors of American Business Products, ChoicePoint and FORE Systems Inc. He also is a trustee of the Atlanta Botanical Garden and the High Museum, chairman of the Georgia Industrial Fellowships for Teachers (GIFT) and serves on the Board of Trustees of Case-Western Reserve University where he received his Ph.D. He will remain on the Equifax Board.
Thomas F. Chapman
Chapman’s succession was planned and expected; he has been considered “heir apparent” for several years after taking over the Financial Services Group, dramatically increasing its revenue and profit.
Chapman joined Equifax in 1990 as a senior vice president with responsibility for credit reporting sales and marketing. When the Financial Services Group was formed in early 1993, he became group executive and executive vice president. Chapman was elected to the Equifax Board of Directors in January 1994.
Before joining Equifax, Chapman served for over 20 years with First Atlanta Corporation (Wachovia Corporation since 1985) as executive vice president. After leaving Wachovia in 1988, he served as chief executive officer of Financial Environments Inc., a financial services consulting and marketing firm specializing in banking and image enhancement programs.
Within the Atlanta community, Chapman is now serving as Vice Chair- International of the Metro Atlanta Chamber of Commerce, responsible for driving Atlanta’s post-Olympic international development program. He is also on the Chamber’s Board of Directors and sits on its Executive Committee. In 1996 he served as the Chairman of the Metro Atlanta Chamber of Commerce Chairman’s Committee Campaign.
Equifax is a world leader in providing financial information and processing solutions, with global operations in consumer and commercial credit information services, payment services, software, modeling, analytics and consulting, and direct-to-consumer services. These services are used by many industries including banking, financial, retail, credit card, telecommunications and utilities, and healthcare. The company was founded in 1899 in Atlanta and today has 10,000 employees around the world. Equifax (NYSE: EFX) revenues for the 12 months ended Sept. 30 exceeded $1.3 billion
Thomas (Tom) F. Chapman
President and Chief Executive Officer
As President and Chief Executive Officer of Equifax Inc., Thomas F. Chapman leads one of the world’s foremost providers of leading-edge information-based services. He assumed his current position in October 1997.
Mr. Chapman joined Equifax in 1990 as a Corporate Senior Vice President with responsibility for credit reporting sales and marketing. When the Financial Services Group was formed in early 1993, he became Group Executive and Executive Vice President. Mr. Chapman was elected to the Equifax Board of Directors in January 1994. In January 1996, he was named Executive Vice President and Group Executive and his responsibilities broadened to include all financial products and services globally.
Before joining Equifax, Mr. Chapman served for over 20 years with First Atlanta Corporation (Wachovia Corporation since 1985) as Executive Vice President. In that capacity, he was responsible for all retail banking units including the branch network, card services, mortgage, small business lending, auto dealer finance and leasing, private banking, electronic delivery and corporate development and marketing. After leaving Wachovia in 1988, he was Chief Executive Officer of Financial Environments Inc., a financial services consulting and marketing entity specializing in banking and image enhancement programs.
Mr. Chapman earned a bachelor’s degree in economics from Clemson University and graduated from the Advanced Management Program of The Harvard University Graduate School of Business.
Mr. Chapman has held numerous positions within banking industry associations and is a founding member of Plus Systems Inc., having served twice as its Chairman. He currently serves as Vice Chairman on the Board of Trustees of Brandon Hall School and as Vice Chair-International of the Metro Atlanta Chamber of Commerce. In 1996 he served as the Chairman of the Metro Atlanta Chamber of Commerce Chairman’s Committee Campaign.
Mr. Chapman and his wife, Jane, reside in Atlanta, Ga. Their daughter, Dawn, and her husband and two children live in Pensacola, Fla. Another daughter, Traci, and her husband live in Montgomery, Ala.Details