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Target CEO Steps Down Following Data Breach

by Todd Haselton | May 5, 2014May 5, 2014 8:00 am PST


In March  Target’s chief information officer Beth Jacob offered up her resignation following a data breach that exposed more than 70 million credit card numbers. Today, the retailer’s CEO, president and chairman Greg Steinhafel is also stepping down from his posts.

“The last several months have tested Target in unprecedented ways,” Steinhafel said, noting a slow expansion into Canada and the 2013 data breach. “From the beginning, I have been committed to ensuring Target emerges from the data breach a better company, more focused than ever on delivering for our guests.” He said Target has enhanced its security and that “now is the right time for new leadership”  at the retailer.

Target’s board of directors also published a statement on Monday, noting that the company’s chief financial officer John Mulligan will serve as interim president and chief executive officer.

The Target attackers have yet to be caught or identified, though a report from security expert Brian Krebs revealed that credentials from a third-party HVAC company contracted by Target, Fazio Mechanical Services, were stolen and used for backdoor access into the retail firm.

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Todd Haselton

Todd Haselton has been writing professionally since 2006 during his undergraduate days at Lehigh University. He started out as an intern with...