Main | Monday, May 05, 2014

Target CEO Resigns After Data Breach

The CEO of Target resigned today following a massive breach of customer data over the holiday shopping season.
"Today we are announcing that, after extensive discussions, the board and Gregg Steinhafel have decided that now is the right time for new leadership at Target," a company statement posted on its website Monday morning says. Steinhafel also resigned as chairman of the board of directors. John Mulligan, Target's chief financial officer, will serve as interim president and CEO. Steinhafel, a 35-year veteran of Target, will serve as an advisor during the transition. In a letter to the board of directors, posted to Target's website Monday, Steinhafel said, "The last several months have tested Target in unprecedented ways. From the beginning, I have been committed to ensuring Target emerges from the data breach a better company, more focused on delivering for our guests."
Information on over 100 million Target customers may have been stolen.

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