Target (TGT) CEO Gregg Steinhafel Resigns, At Helm When Cyber Attack Last Year Led To Theft Of At Least 40 Million Payment Card Numbers

By @MikeObel on
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The sign outside the Target store is seen in Arvada, Colorado on Jan. 10, 2014. Reuters/Rick Wilking

Target Corp. (NYSE:TGT) on Monday replaced Chairman, President and CEO Gregg Steinhafel, whose 35-year career with the giant retailer was marred last year by one of the worst data breaches in U.S. corporate history.

John Mulligan, Target’s chief financial officer, has been appointed as interim president and CEO, while director Roxanne S. Austin will serve as interim nonexecutive chairwoman, the Minneapolis company said in a statement.

Target said in December that a cyberattack caused the theft of 70 million pieces of customer data and at least 40 million payment card numbers.

Steinhafel, 59, "held himself personally accountable" for the data breach, the company said.

Steinhafel had been CEO since 2008.

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