Target announced on Monday that Gregg Steinhafel, the retailer’s
CEO, president and
chairman, was resigning effective immediately. The move comes
five months after Target suffered one of the worst security breaches in
the nation’s history, resulting
in the theft of payment or personal data from between 40 million and 110 million customers. “The last several months have tested Target in unprecedented ways,” Steinhafel wrote in a letter to the company’s board of directors. “From the beginning, I have been committed to ensuring Target emerges from the data breach a better
several key milestones behind us, now is the right time for new leadership at Target.”
Steinhafel’s resignation comes two months after the company’s chief information officer Beth Jacob resigned in the wake of the breach. Target CFO John Mulligan will serve as interim president and CEO until the board appoints a new CEO.
The retailer first divulged on Dec. 18 that it had been the target of a several-weeks long hack that saw thieves
make off with the credit card data of up to 40 million of its customers. But things got worse a few weeks later when the company acknowledged that an additional 70 million shopper accounts had personal contact information pilfered.