This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Target CEO Steinhafel Steps Down

NEW YORK (TheStreet) - Target (TGT - Get Report)'s CEO Gregg Steinhafel has stepped down as the reverberations from last year's data breach continue to rock the retailer.

The massive data breach over the holiday season potentially affected up to 110 million customers, resulting in a slew of negative headlines about the company.

"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. Effective immediately, Gregg will step down from his positions as Chairman of the Target board of directors, president and CEO," the company said, in a statement released before market open.


WATCH: More market update videos on TheStreet TV | More videos from Brittany Umar

Target's CFO John Mulligan has been appointed interim president and CEO. Board member Roxanne S. Austin has been appointed interim non-executive chair of the board. Target said that both executives will serve in the roles until permanent replacements are announced.

In its statement, Target praised Steinhafel's work navigating the financial recession, handling challenges during the company's expansion into Canada and his defense of the company in a proxy battle.

"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," the company said. "We are grateful to him for his tireless leadership and will always consider him a member of the Target family."

"The last several months have tested Target in unprecedented ways," wrote Steinhafel, in a letter to the company's board. "From the beginning I have been committed to ensuring Target emerges from the data breach a better company, more focused than ever on delivering for our guests. We have already begun taking a number of steps to further enhance data security, putting the right people, processes and systems in place. With several key milestones behind us, now is the right time for new leadership at Target."

Target shares, which have dipped 4.92% over the last six months, slipped 1% to $61.39 in pre-market trading.

>>Read More: Bad Press Aside, Target Has Upside Potential

>>Read More: U.S Senate Hearing Focused on Protecting Consumer Data

>>Read More: Target Says Sales Starting to Recover Following Security Breach

>>Read More: Target's Security Breach May Have Come From Vendor

--Written by James Rogers in New York.

>Contact by Email.


Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
TGT $79.92 0.34%
AAPL $129.05 0.08%
FB $78.77 -0.28%
GOOG $541.07 0.59%
TSLA $230.22 1.90%

Markets

DOW 18,079.31 +55.25 0.31%
S&P 500 2,113.73 +5.44 0.26%
NASDAQ 5,016.1880 +10.7970 0.22%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs