Target CEO Out After Breach

Following Target’s massive data breach last year, the company’s chief executive is out. Gregg Steinhafel, the company’s president and CEO for the past six years, has resigned.

“Today we are announcing that, after extensive discussions, the board and Gregg Steinhafel have decided that now is the right time for new leadership at Target,” the company said in a statement.

“Effective immediately, Gregg will step down from his positions as Chairman of the Target board of directors, president and CEO. John Mulligan, Target’s chief financial officer, has been appointed as interim president and chief executive officer. Roxanne S. Austin, a current member of Target’s board of directors, has been appointed as interim non-executive chair of the board. Both will serve in their roles until permanent replacements are named.”

The company’s chief information officer, Beth Jacob, resigned earlier this year, following the breach, one of the most devastating in the history of American retail.

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