Mark W. Begor
RAYMOND JAMES FINANCIALAbout Mark W. Begor
Mark W. Begor is the Chief Executive Officer of Equifax Inc. and a director on Equifax’s board (director since April 2018). He is not listed as a director or nominee of Raymond James Financial (RJF) in the company’s latest proxy and therefore holds no RJF committee roles, independence status, or attendance record. Age 66; prior roles include Managing Director at Warburg Pincus and multiple CEO positions at General Electric units. Core credentials span executive leadership, strategy, and deep data/financial services experience.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| General Electric (GE) | President & CEO, GE Energy Management | 2014–2016 | Led multibillion-dollar unit; operating leadership in industrial/energy businesses |
| General Electric (GE) | President & CEO, GE Capital Real Estate | 2011–2014 | Led global real estate finance; operating and risk oversight |
| General Electric (GE) | President & CEO, GE Capital Retail Finance (Synchrony) | 2002–2011 | Consumer finance leadership; perspective as a credit bureau customer |
| Warburg Pincus | Managing Director (Industrial & Business Services) | 2016–2018 | Private equity investment leadership |
| Fair Isaac Corporation (FICO) | Director (Public company board) | 2016–2018 | Board service at a credit-scoring peer |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Equifax Inc. (EFX) | Chief Executive Officer; Director | 2018–present | CEO/director; led tech transformation, growth and acquisitions |
| NCR Atleos Corporation | Director | Current | Listed as current other public directorship |
Board Governance
- RJF status: Not a director of RJF; no RJF committee assignments, chair roles, independence classification or attendance data apply. RJF’s 2025 proxy lists 12 nominees and Begor is not among them.
- RJF committee independence context: RJF states its standing committees (other than Capital Planning) are composed exclusively of independent directors. Not applicable to Begor but relevant to RJF’s governance baseline.
Fixed Compensation (Equifax CEO – current terms)
| Component | Terms |
|---|---|
| Base Salary | $1.5 million (subject to increase, not decrease) |
| Target Annual Bonus | 120% of base salary; determined based exclusively on specified Company financial goals |
| Long-Term Incentive (LTI) Target | $10.1 million annual target grant-date value |
| LTI Mix | 60% Performance Shares; 20% Premium-Priced Stock Options; 20% Time-Based RSUs |
| Premium-Priced Option Design | Two equal tranches with exercise prices at 110% and 120% of grant-date fair market value |
| Clawback | Enhanced clawback permits recovery for misconduct/failure of oversight causing significant financial or reputational harm (in addition to Dodd-Frank policy) |
Performance Compensation (Design features)
| LTI Component | Weight | Key Performance/Alignment Features |
|---|---|---|
| Performance Shares | 60% | Subject to performance certification at vest; aligns payouts with multi-year results |
| Premium-Priced Options | 20% | Require 10%/20% stock price premiums at grant; upside only with shareholder value creation |
| Time-Based RSUs | 20% | Retention element; minority of LTI (80% of LTI performance-based) |
Change-in-control protections: If terminated without cause or for good reason within 6 months before to 2 years after a change in control, cash severance equals 3x salary + target bonus, plus pro-rata bonus, full equity vesting (performance awards per plan outcomes), and COBRA-related benefits, subject to release and covenants (double trigger).
Ownership guideline: Required to hold company stock equal to 6x base salary.
Other Directorships & Interlocks
| Company | Role | Timeframe | Notes/Potential Interlocks |
|---|---|---|---|
| NCR Atleos Corporation | Director | Current | Other public directorship disclosed by Equifax |
| Fair Isaac Corporation (FICO) | Director | 2016–2018 | Prior board at credit-scoring peer |
Expertise & Qualifications
- Executive Leadership & Operations: 35+ years in senior leadership; led multibillion-dollar businesses at GE; CEO/director at Equifax.
- Strategy Development: Extensive experience setting strategy at GE; spearheaded Equifax Cloud/EFX.AI initiatives as CEO.
- Industry Knowledge: Deep consumer/credit data and analytics domain; experience as a bureau customer enhances customer-centric execution.
Equity Ownership
| Metric | Amount | As of | Notes |
|---|---|---|---|
| Shares Owned (EFX) | 134,201 | March 1, 2024 | Includes 125,943 shares in grantor retained annuity trusts where Begor is sole trustee |
| Exercisable Stock Options (EFX) | 426,309 | March 1, 2024 | Options exercisable within 60 days of the date |
| Deferred Share Equivalent Units (EFX) | 49,359 | March 1, 2024 | Units payable in shares upon distribution; track stock performance |
| Pledging/Hedging | None | March 1, 2024 | Insider policy indicates no shares were pledged or hedged |
| Ownership Guideline | 6x base salary | Policy | CEO stock ownership requirement |
Deferred/Aligned Ownership Signals
- Since 2021, Begor has made irrevocable elections to defer 100% of his RSU and performance share LTI, extending alignment more than 10 years beyond his tenure.
- Non-Qualified Deferred Compensation (2024): Executive contributions of $15,396,914; aggregate balance $22,876,564 (EFX).
| Non-Qualified Deferred Compensation (EFX) | 2024 Amount ($) |
|---|---|
| Executive Contributions (Begor) | 15,396,914 |
| Registrant Contributions | 313,692 |
| Aggregate Earnings | 1,292,924 |
| Aggregate Withdrawals/Distributions | 0 |
| Aggregate Balance at FYE | 22,876,564 |
Employment & Contracts (Equifax)
- Employment Agreement (amended Nov 7, 2024): Base $1.5m; target bonus 120% of salary; LTI target $10.1m (60% PSUs, 20% premium-priced options at 110%/120%, 20% RSUs); enhanced clawback.
- CIC provisions: Double-trigger; 3x salary + target bonus cash; pro-rata bonus; full vesting (performance per plan); COBRA-related benefits.
- Post-termination vesting mechanics and option exercise windows detailed; non-compete, non-solicit, and confidentiality covenants apply.
Governance Assessment
- RJF-specific status: Begor is not an RJF director; thus there are no RJF committee assignments, chair roles, independence determination, attendance record, RJF director compensation, or related-party exposures to analyze for RJF. Investors should not attribute any RJF governance influence to him.
- Alignment signals (Equifax): High at-risk pay mix (80% of LTI performance-based), premium-priced options, stringent ownership requirements (6x salary), and full LTI deferrals since 2021 indicate strong long-term alignment with shareholders.
- Clawback protections (Equifax): Enhanced clawback coverage for misconduct or failure of oversight that causes significant financial or reputational harm suggests robust accountability.
- Potential conflicts: None with RJF because he is not on RJF’s board. If appointed to RJF in the future, Equifax’s role as a data/analytics provider to financial institutions would warrant related-party and vendor-recusal reviews.