Target CEO Stepping Down in Wake of Devastating Cyber Attack

Image: Target CEO Stepping Down in Wake of Devastating Cyber Attack

Monday, 05 May 2014 08:57 AM

 

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Target Corp said that Chief Executive and Chairman Gregg Steinhafel is leaving in the wake of the devastating data breach late last year that hurt profits, shook customer confidence in the No. 3 U.S. retailer and prompted congressional hearings.

"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," the board said in a statement released on Monday.

It named Chief Financial Officer John Mulligan as interim president and CEO and appointed Roxanne Austin, a current member of Target's board of directors, as interim non-executive chair of the board.

Target announced in December it was the victim of a cyber attack that resulted in the theft of at least 40 million payment card numbers and 70 million other pieces of customer data.

© 2014 Thomson/Reuters. All rights reserved.

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