Target CEO Exits After Giant Hack
CFO temporarily takes over for Gregg Steinhafel
By Matt Cantor, Newser User
Posted May 5, 2014 7:48 AM CDT
In an undated file photo provided by Target Corp., Gregg Steinhafel is shown.   (AP Photo/Target Corp., Johansen Krause, File)

(Newser) – Target's CEO is leaving his post after a hack of its systems saw 70 million customers' personal information stolen over the holidays. Gregg Steinhafel, who has been with the company for 35 years, is resigning immediately. He will be replaced, for the time being, by chief financial officer John Mulligan, the Wall Street Journal reports. Board member Roxanne Austin will temporarily replace Steinhafel as chairman. "The last several months have tested Target in unprecedented ways," Steinhafel says in a letter to the board. The outgoing CEO "held himself personally accountable (for the breach) and pledged that Target would emerge a better company," the firm says in a statement, via Forbes.

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Showing 3 of 15 comments
TheGunts
May 5, 2014 12:12 PM CDT
"Steinhafel" Wasn't that one of Col. Hogan's pseudonyms when he was impersonating a German army officer down at the Hoffbrau?
Twiny
May 5, 2014 10:26 AM CDT
The CFO should have gone with the CEO. Both are responsible for protecting customer data and both men failed miserably.
fred lapides
May 5, 2014 9:23 AM CDT
NO left: you are wrong...In America, guys leaving major companies go with huge bundle, big package, no matter how they performed. No one in govt getx the kind of money that corporate failures get