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Target CEO Resigns in Wake of Data Breach

Gregg Steinhafel's resignation comes just five months after a massive data breach in late 2013 that impacted as many as 40 million Target customers.

Target’s CEO has resigned in the wake of a massive data breach that impacted as many as 40 million customers.

Gregg Steinhafel, who has been CEO since 2008, has stepped down, the company announced Monday.

“Now is the right time for new leadership at Target,” the company’s board of directors announced in a statement. John Mulligan, Target’s chief financial officer, has been appointed as interim president and chief executive officer.  

The resignation comes just five months after a massive data breach in late 2013 that impacted as many as 40 million accounts. Hackers gained access to Target's system, gaining information about customers who used their debit or credit cards at cash registers between Nov. 27 and Dec. 15.

Steinhafel is the first boss of a major corporation to lose his job over a customer data breach, the Associated Press reported.

In its statement, the board said it is “deeply grateful” to Steinhafel for his “significant contributions and outstanding service” during his 35-year career with the company.  “We believe his passion for the team and relentless focus on the guest have established Target as a leader in the retail industry,” the statement said.

The board acknowledged that Steinhafel “held himself personally accountable” for the data breach. “We are grateful to him for his tireless leadership and will always consider him a member of the Target family."

USA Today reported Steinhafel could receive as much as $55 million in severance and deferred compensation.

 

Country1st May 06, 2014 at 07:18 PM
..and by the way, 70 MILLION were affected. He should definitely be fired.
amisstree May 07, 2014 at 12:02 AM
Wouldn't it be something to find out he was behind the whole breach? He resigns goes to Europe, and sells the customers info he stole on the black market.
Country1st May 07, 2014 at 11:47 AM
...well the story in the NYT pointed out a number of other of his deficiencies -- looked like he was on his way out regardless of this massive breach
etdkomins May 07, 2014 at 03:25 PM
Education for Country First. Barry knows what he's talking about. This was not one person's fault. As a matter of fact, it wasn't just Target's fault. They were trying to figure out how it happened, albeit too late. Mark my words, it will happen again with some other major retailer. Watch the television expose on "The Inside Man," if you can find last week's episode. There are companies, much, much larger than Target, who track every single move and piece of information you have ever put on the Internet, to order anything or access any website! Plus, they refuse to give you the information they have on you!!! They publish and sell this information, completely unprotected or encrypted all over the Internet, supposedly for "marketing purposes!" Because of this, it's easy pickings for any halfway knowledgeable hacker. There are no laws to stop it or protect us, yet, because they hide behind the notion that it is "computers" that are collecting and using information that is already out there! Everyone in America needs to be educated about the real truth of what is being done with our personal information and fight hard for legislation to protect our privacy. The way it is set up now, you have a choice of privacy or convenience. You can't have both if you want to participate daily in the cyber world we live in. Steinhafel is just a scapegoat for Target's lack of concern and caution for their customer's protection. This is why they're giving him such a good severance package! He could probably sue them and win, if he had the inclination. This indifference seems to exist everywhere in the "free market" system of capitalization these days. "Buyer Beware!!"
Country1st May 11, 2014 at 08:57 AM
WHY is it you that folks like Barry and Etdko keep barking for your OWNERS --when they don't give a shite about you. And Etty -- the CEO IS Target. Read the NYT piece -- and turn off Limblah

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