Jamil Farshchi
Executive Vice President, Chief Technology Officer and Chief Information Security Officer at 
EQUIFAX
EQUIFAXExecutive
About Jamil Farshchi
Equifax’s Executive Vice President, Chief Technology Officer and Chief Information Security Officer (CTO/CISO). Farshchi was appointed CTO on February 20, 2024 and has seven years at Equifax as of year-end 2024 . Under his remit, Equifax reported record 2024 revenue of $5.68B, up 8% YoY, and Adjusted EBITDA of $1,836M, up 8% YoY, while moving ~85% of revenue into the Equifax Cloud and decommissioning 10 additional data centers to drive $300M in spending reductions . 2022-granted performance shares that vested in 2025 paid below target (TSR PSUs at 68.61%; Adjusted EBITDA PSUs at 61.7%), reflecting relative TSR outcomes and multi-year operating performance versus targets .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Equifax | Chief Technology Officer | Appointed Feb 20, 2024 (current) | Leads technology and platform strategy post-cloud transformation; accelerated passwordless rollout; drove cloud migration to ~85% of revenue; 10 data centers decommissioned; enhanced network stability and incident response . |
| Equifax | Chief Information Security Officer | Prior to Feb 2024 (7 years at Equifax through 2024) | Delivered security maturity outperforming all major industry benchmarks for five consecutive years; advanced enterprise-wide passwordless authentication and security program . |
Fixed Compensation
| Component | 2024 |
|---|---|
| Base Salary ($) | $687,692 |
| Target Bonus (% of Salary) | 100% |
| Target Bonus ($) | $687,692 |
| Actual AIP Payout ($) | $798,461 |
| Actual AIP Payout (% of Target) | 116.1% |
Performance Compensation
Annual Incentive Plan (AIP) – 2024 detail
| Metric | Weight | Target | Actual | Component Payout | Notes |
|---|---|---|---|---|---|
| Corporate Adjusted EPS | 65% | $7.35 | $7.309 | 96% | Corporate-level financial; constant FX adjustments as defined . |
| Corporate Operating Revenue | 15% | $5.728B | $5.686B | 92% | Corporate-level financial; constant FX adjustments as defined . |
| Individual Non-Financial Strategic Goals (MBOs) | 20% | n/a | n/a | 200% | Objectives aligned to cloud, AI, security, and innovation priorities . |
| Total AIP Payout | — | — | — | 116.1% of target | Jamil’s 2024 AIP outcome . |
Key 2024 achievements (inform MBOs): led passwordless for all employees/contractors; sustained top-tier security maturity (top ~1% of tech, top ~3% of financial services); progressed cloud migration to ~85% of revenue; decommissioned 10 data centers, enabling $300M spending reductions; improved stability and incident response; operationalized new engineering centers in India .
Long-Term Incentive (LTI) – 2024 awards and structure
| Instrument | Grant Date | Target Quantity | Vesting / Term | Performance Metric | Key Terms |
|---|---|---|---|---|---|
| TSR Performance Shares (annual) | 2/9/2024 | 1,867 sh | 3-year performance; 12-month post-vest hold | Relative TSR vs S&P 500 | Payout 0–200%; negative TSR caps at 100% . |
| Adjusted EBITDA Performance Shares (annual) | 2/9/2024 | 1,867 sh | 3-year performance; 12-month post-vest hold | Annual Adjusted EBITDA targets (yr1) and growth (yrs 2–3) | Payout 0–200% averaged over three years . |
| Market-Priced Stock Options (annual) | 2/9/2024 | 5,484 sh | 3-year ratable vest; 10-year term | Stock price appreciation | Exercise price $249.18 . |
| Time-Based RSUs (annual) | 2/9/2024 | 1,706 sh | Cliff vest at 3 years | — | Accrue dividend equivalents . |
| TSR Performance Shares (promotion) | 2/20/2024 | 849 sh | 3-year performance; 12-month post-vest hold | Relative TSR vs S&P 500 | Promotion grant upon CTO appointment . |
| Adjusted EBITDA Performance Shares (promotion) | 2/20/2024 | 849 sh | 3-year performance; 12-month post-vest hold | Adjusted EBITDA | Promotion grant . |
| Market-Priced Stock Options (promotion) | 2/20/2024 | 2,494 sh | 3-year ratable vest; 10-year term | Stock price appreciation | Exercise price $257.85 . |
| Time-Based RSUs (promotion) | 2/20/2024 | 776 sh | Cliff vest at 3 years | — | Promotion grant . |
Recent payout calibration: 2022 cycle PSUs vested in Feb 2025 at 68.61% (TSR) and 61.7% (EBITDA), underscoring pay-for-performance symmetry .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (common shares) | 30,960 shares; less than 1% of outstanding . |
| Exercisable stock options | 36,220 options . |
| Shares outstanding (for context) | 124,798,692 shares (as of Mar 7, 2025) . |
| Anti-hedging/pledging | Policy prohibits hedging and pledging; none of the reported shares were pledged or hedged . |
| Ownership guidelines | Senior executives required to own ≥3x base salary; all executive officers in compliance as of latest measurement . |
| Deferred/supplemental retirement | Participant in the Supplemental Contribution Program; 2024 company contributions $165,865; aggregate non-qualified deferred balance $910,196 . |
Vesting schedule highlights (potential selling pressure windows)
- RSUs scheduled to vest: 1,588 on 2/11/2025; 2,089 on 2/10/2026; 2,496 on 2/9/2027 .
- 2022 PSUs vested Feb 2025 (TSR 68.61%; EBITDA 61.7%), potentially increasing share deliveries in early 2025 .
- Trades by senior executives must be under approved Rule 10b5-1 plans with robust requirements, moderating ad hoc selling pressure .
Employment Terms
| Scenario | Cash Severance | Equity Treatment | Health/Life/Other | Notes |
|---|---|---|---|---|
| Termination by company without cause (broad severance plan) | $215,385 | — | — | Broad-based Severance Plan amount . |
| CIC Qualifying Termination (double-trigger) | $2,775,384 | Unvested options vest ($306,363 value) and RSUs/PSUs vest per plan ($4,690,687 value) | COBRA/health coverage PV $51,794; perqs $10,000 | CIC Plan provides 2x base salary + target bonus, pro-rata bonus, COBRA, and full vesting; subject to restrictive covenants and clawback . |
| Death | — | RSUs/PSUs vest; equity value $4,951,601 | Life insurance $750,000 | Standard equity acceleration on death . |
| Disability | — | RSUs/PSUs vest; equity value $4,951,601 | Disability PV $1,180,900; health PV $30,000 | Standard equity acceleration on disability . |
Additional governance/contract features
- No individual employment agreement (CEO only has a separate agreement); executives are at-will .
- Robust clawback covering restatements (with/without misconduct), materially inaccurate metrics, and misconduct causing financial/reputational harm (including supervisory failures); disclosure of action generally required .
- Equity awards include non-compete, non-solicit, and non-disclosure restrictions with recovery provisions for violations .
- Change-in-control severance requires a double trigger and is subject to the company’s clawback policy; standard “Cause” and “Good Reason” definitions apply .
Performance & Track Record
- Security leadership: Achieved a security maturity level outperforming all major industry benchmarks for five consecutive years; implemented enterprise-wide passwordless authentication, reducing credential-based risks and improving resilience .
- Cloud and efficiency: Advanced cloud migration to ~85% of revenue with 10 additional data centers decommissioned in 2024, contributing to $300M in spending reductions; year-over-year improvements in network stability and incident response .
- Company outcomes during tenure: 2024 revenue reached a record $5.68B (+8% YoY); Adjusted EBITDA reached $1,836M (+8% YoY), reflecting progress in innovation and operating leverage .
- AI enablement: 95% of new models and scores built using AI/ML in 2024 (ahead of the 80% goal), aligning tech and data strategy to product vitality .
- Pay-for-performance calibration: 2022-granted TSR and Adjusted EBITDA PSUs vested in 2025 below target (68.61% and 61.7%, respectively), reinforcing downside sensitivity when relative TSR and multi-year EBITDA underperform targets .
Investment Implications
- Alignment and risk controls: High variable pay mix (average 85% for non-CEO NEOs) and multi-year PSU structures with a 12-month post-vest hold support long-term alignment; anti-hedging/pledging, mandatory 10b5-1 plans, and expansive clawback reduce governance risk .
- Retention and change-in-control economics: Participation in the CIC Plan with a 2x multiple and full equity vesting on a double trigger is market-standard and should stabilize leadership continuity through strategic events; at-will status and robust restrictive covenants add protection .
- Near-term selling pressure: RSU cliffs in February of 2025/2026/2027 (1,588/2,089/2,496 units) and the vesting of 2022 PSUs in early 2025 create predictable delivery windows; the company’s 10b5-1-only trading requirement for senior executives mitigates discretionary sales volatility around these dates .
- Execution track record: Security and cloud milestones under Farshchi’s leadership (passwordless rollout, security maturity, decommissioning 10 data centers) underpin operating efficiency and resilience; combined with strong 2024 revenue/EBITDA growth and high AI adoption, this supports ongoing NPI vitality and cash conversion targets management cited for 2025 and beyond .