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Target CEO Gregg Steinhafel Steps Down Following Data Breach

Stocks in this article: TGT MA

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NEW YORK (TheStreet) -- Target announces that its chairman and chief executive, Gregg Steinhafel, is stepping down, five months after a massive customer data breach took place.


Shares of Target (TGT) were slipping on Monday after the retailer announced its chairman and chief executive, Gregg Steinhafel, is stepping down, five months after the massive customer data breach that took place in December.

The breach had resulted in the theft of at least 40 million payment card numbers and 70 million other pieces of customer information.

A statement posted to the company's Web site said, "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."  Steinhafel also resigned from his post as chairman of the board.  Target Chief Financial Officer John Mulligan will serve as interim president and CEO until a replacement is found.

A 35-year veteran of the company, Steinhafel vowed to help Target emerge from the data breach a better company and took steps to help the retailer win back customers, like offering special discounts, as he did in this video from Dec. 20, 2013.

"The message that I would like to leave with our guests is that we value their business and we appreciate the trust they place in us as a company, as a friend and a community partner. So at Target, we get a 10% discount if you're a team member, and we want to extend that team member discount to all of the guests that come shop with us this weekend in a way, as a small way, to just say thank you for being a great guest at Target."

In addition to Steinhafel's resignation, Target also appointed Bob DeRodes as the company's new chief information. He will take over from Beth Jacob, who resigned in March. 

The retailer also announced last week that its portfolio of Target-branded credit and debit cards will be enabled with MasterCard's (MA) chip-and-PIN solution beginning in early 2015.

In New York, I'm Brittany Umar for TheStreet.

Written by Brittany Umar in New York.

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