Target CEO, Gregg Steinhafel, Resigns as Company Struggles to Recover from Data Breach

Mr. Steinhafel's resignation is the latest in a series of moves made by the company as it struggles to recover from last year’s holiday data breach. (Credit: Keith Bedford/Reuters)
Mr. Steinhafel’s resignation is the latest in a series of moves made by the company as it struggles to recover from last year’s holiday data breach. (Credit: Keith Bedford/Reuters)

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 extensive 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 and that the board wanted new leadership.

Known for promoting up through the ranks, the major retailer, one of the country’s largest, said it would conduct a search for Mr. Steinhafel’s successor. In the interim, it named John Mulligan, Target’s chief financial officer, to be president and chief executive, while Roxanne S. Austin, a Target board member, will serve as nonexecutive chairwoman.

“The last several months have tested Target in unprecedented ways,” Mr. Steinhafel said in a letter to the board. “We have already begun taking a number of steps to further enhance data security, putting the right people, processes and systems in place.”

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SOURCE:  
The New York Times

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