Target Corporation (TGT) CEO Gregg Steinhafel resigns

Posted May 5, 2014

Target Corporation (NYSE:TGT) CEO Gregg Steinhafel has stepped down from the company following a massive customer data breach. The data breach exposed the credit and debit card information of 40 million retail customers. Steinhafel worked at Target for around 35 years prior to his resignation. Steinhafel will also step down from his role as president and chairman of the company’s board of directors. Roxanne S. Austin, a member of Target?s board of directors, has been appointed as interim non-executive chair of the board.

?The last several months have tested Target in unprecedented ways,? wrote Steinhafel in a letter to the board. ?From the beginning, I have been committed to ensuring Target emerges from the data breach a better company, more focused on delivering for our guests.?

This past January, Target revealed that the data breach revealed the personal information of up to 70 million customers, including the 3-digit CVV codes from credit cards and encrypted debit card PIN data.

After the data breach occurred, Target sped up its adoption of chip-based credit and debit cards. Target will be replacing its own branded cars with the chip and PIN security next year.

Target chief financial officer John Mulligan will become the interim president and CEO until a replacement is found for Steinhafel. Target hired a new chief information officer in March named Bob DeRodes.

[Source: Target / VentureBeat]