Target\u2019s CEO has resigned in the wake of a massive data breach targeting as many as 40 million customers.<\/p>\n
The resignation of Gregg Steinhafel, who has been CEO since 2008, was announced Monday.<\/p>\n
\u201cNow is the right time for new leadership at Target,\u201d the company\u2019s board of directors announced in a statement. John Mulligan, Target\u2019s chief financial officer, has been appointed as interim president and chief executive officer. <\/p>\n
Target has a store in Braintree on Granite Street.<\/p>\n
The resignation comes just five months after a massive data breach in late 2013 that impacted as many as 40 million accounts. Hackers gained access to Target’s system, gaining information about customers who used their debit or credit cardsat cash registers between Nov. 27 and Dec. 15.<\/p>\n
Steinhafel is the first boss of a major corporation to lose his job over a customer data breach, the Associated Press reported.<\/p>\n
In its statement, the board said it is \u201cdeeply grateful\u201d to Steinhafel for his \u201csignificant contributions and outstanding service\u201d during his 35-year career with the company. \u201cWe believe his passion for the team and relentless focus on the guest have established Target as a leader in the retail industry,\u201d the statement said.<\/p>\n
The board acknowledged that Steinhafel \u201cheld himself personally accountable\u201d for the data breach. \u201cWe are grateful to him for his tireless leadership and will always consider him a member of the Target family.”<\/p>\n
USA Today reported Steinhafel could receive as much as $55 million in severance and deferred compensation.<\/p>\n","protected":false},"excerpt":{"rendered":"
Target\u2019s CEO resigned in wake of a massive data breach targeting as many as 40 million customers.<\/p>\n","protected":false},"author":1,"featured_media":2138,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[154,18],"tags":[161,202,203],"class_list":["post-2136","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-information-technology","category-leadership","tag-accenture","tag-ibm","tag-target","post-with-thumbnail","post-with-thumbnail-icon"],"yoast_head":"\n