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Target CEO Steinhafel out in wake of data breach

 
Posted Monday, May 5th 2014 @ 8am

NEW YORK (AP) - 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.

Photo Credit Getty Images

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