Gregg Steinhafel, the chairman and chief executive of Target, resigned on Monday, the latest in a series of moves made by the company as it struggles to recover from last year's holiday data breach of customer information.
The company's board made the announcement, saying that the resignation of Mr. Steinhafel, who had been with Target for 35 years, occurred after extensive discussions.
John Mulligan, Target's chief financial officer, will replace Mr. Steinhafel as interim president and chief executive of the company, while Roxanne S. Austin a member of Target's board of directors, will serve as nonexecutive chairwoman until a permanent replacement is named.
'The last several months have tested Target in unprecedented ways, 'Mr. Steinhafel said in a letter to the board of directors. 'We have already begun taking a number of steps to further enhance data security, putting the right people, processes and systems in place. With several key milestones behind us, now is the right time for new leadership at Target.'
Target officials had acknowledged in the months since the breach that warning signs of computer hacking had been missed in the weeks before the breach was made public. The disclosure made in December, in the final days of the holiday shopping season, exposed the payment data of 40 million Target customers and the personal data of an additional batch of 70 million customers. Some 12 million people are thought to have both their payment and their personal data compromised.
Company executives have said the breach had an immediate, significant impact on the company's performance, driving sales and traffic down measurably.
Mr. Steinhafel had been chief executive since 2008.
Posted by Unknown on Monday, May 5, 2014 - Rating: 4.5
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