Target CEO resigns in wake of data breach

Target CEO resigns in wake of data breach

May 5th, 2014 by Associated Press in Local - Breaking News

A passer-by walks near an entrance to a Target retail store in Watertown, Mass. Target says that personal information - including phone numbers and email and mailing addresses - was stolen from as many as 70 million customers in its pre-Christmas data breach. That was substantially more customers than Target had previously said were affected.

Photo by Alyson Wright/Times Free Press.

Target says Chairman and CEO Gregg Steinhafel is out, nearly five months after the retailer disclosed a massive data breach that hurt its reputation.

The nation's third-largest retailer says Steinhafel has agreed to step down as the company's chairman, president and CEO, effective immediately. He also has resigned from its board of directors.

Target, based in Minneapolis, says Chief Financial Officer John Mulligan has been appointed interim president and CEO. Roxanne S. Austin, a member of Target's board, has been named as interim nonexecutive chair of the board.

Steinhafel, a 35-year veteran of Target, will serve in an advisory capacity during the transition.

Target said in December that hackers stole credit and debit card information on tens of millions of customers.