A Q&A with Equifax's Mark Begor
EQUIFAX HAS COME a long way from its beginnings 122 years ago offering credit from a local Atlanta grocery store.
Over the last three years, Equifax CEO Mark Begor has led a $1.5 billion investment in the company’s technology and security infrastructure to become the only cloud-native consumer credit reporting agency 一 a powerful differentiator for the New Equifax!
The Equifax Cloud™ is driving top and bottom line growth with first half of 2021 up 26%. The company has reinvested both financial outperformance and the Equifax Cloud in accretive, strategic, bolt-on M&A 一 announcing or completing eight acquisitions so far in 2021 totaling close to $3 billion and expected to add more than $300 million of Equifax run-rate revenue in 2022.
The Equifax Cloud, strategic M&A, a team-oriented culture and forward-looking strategy are the hallmarks of the New Equifax! They are also why Begor was named among the Atlanta Business Chronicle’s 2021 Most Admired CEOs.
Award honorees were recognized at a live, in-person awards event on Aug. 19 at the Coca-Cola Roxy Theatre at The Battery Atlanta. Congratulations to Begor and all honorees, including Mike Hayford, president and CEO of NCR Corp., where Mark is a Board member.
Here’s an excerpt from the Chronicle’s Q&A with Begor. To read the full article, click here.
Q: What can other CEOs do to win such great admiration from their stakeholders?
A: It’s an honor to be recognized, but that’s certainly not the goal. The real credit goes to my Equifax leadership team and more than 12,000 teammates around the globe. My focus is to foster a strong team and performance-based culture, and to drive value for our customers and shareholders. I approach everything with a ‘Say/Do’ mentality. If I make a commitment to a stakeholder, I make it a priority to deliver. Consistency, transparency and an orientation toward action ultimately drive credibility.
Q: What are the keys to CEOs building a high level of trust in their organizations?
A: Trust is built by connecting with people and communicating often and transparently. I hold weekly and monthly dialogues with our top leaders about key initiatives that will keep Equifax on the leading edge in our industry and in our workplace. I also send a note to our global teammates every Friday at noon with updates on the business and my key activities, including highlights from my meetings with stakeholders inside and outside the company. This direct line keeps the team plugged in and engaged and also builds trust.
Q: Please give some details about one of your top accomplishments of the past year that you are most proud of.
A: I’m incredibly proud of how we’ve supported our 12,000 person team during the pandemic while also driving the strongest results in Equifax history. After moving to a work-from-home environment, we kept employees engaged with weekly communications and created new digital forums where they could connect. To show our appreciation, we provided an extra day off and a special bonus for those not normally eligible. Our amazing team is our key differentiator!
Q: How is your organization changing or adapting to prepare for the future?
A: Equifax has undergone the most significant data and technology transformation in our industry. We rebuilt our technology infrastructure on a global “data fabric” in the cloud and focused on expanding our differentiated data assets and integrating the most advanced analytics. This powerful combination of assets allows us to answer customers’ questions with even greater speed and precision—driving even more innovation in the future.
Q: What top piece of advice would you share with other CEOs?
A: Be you. Focus on leading with accountability, for yourself and your teams. Put customers first. If I get an email or a phone call from a customer, that goes to the top of my ‘to-do’ list, and I expect the same from my teams.