Target CEO Steps Down After 35 Years

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Target announced today that its CEO, president, and chairman Gregg Steinhafel, who has worked at the company for 35 years, has agreed to step down, just a few months the retailer's massive and damaging customer data breach. He has also resigned from Target's board of directors.

The Associated Press reports that, per Target, CFO John Mulligan will serve as interim president and CEO, and that board member Roxanne S. Austin was named interim, non-executive board chair. Steinhafel will stay on as an advisor until the positions are filled permanently. 

The board of directors said in a statement released today that "after extensive discussions, the board and Gregg Steinhafel have decided that now is the right time for new leadership at Target." While the timing of move comes just a few months after the very public and embarrassing security breach that saw the personal data of tens of millions of customers exposed by hackers , the company has not only downplayed that incident, but praised Steinhafel for his management of it. 

Most recently, Gregg led the response to Target's 2013 data breach. He held himself personally accountable and pledged that Target would emerge a better company. We are grateful to him for his tireless leadership and will always consider him a member of the Target family.

This article is from the archive of our partner The Wire.