“Target’s massive data breach has now cost the company’s CEO his job,” reports the Associated Press.
Target announced Monday that Chairman, President and CEO Gregg Steinhafel is out nearly five months after the retailer disclosed the breach, which has hurt its reputation among customers and has derailed its business.
The nation’s third-largest retailer said Steinhafel, a 35-year veteran of the company and CEO since 2008, has agreed to step down, effective immediately. He also resigned from the board of directors.
A company spokesman declined to give specifics on when the decision was reached.
The departure suggests the company is trying to start with a clean slate as it wrestles with the fallout from hackers’ theft of credit and debit card information on tens of millions of customers. The company’s sales, profit and stock price have all suffered since the breach was disclosed.
The nation’s third-largest retailer said Gregg Steinhafel, a 35-year veteran of the company and CEO since 2008, has agreed to step down. He also resigned from the board of directors.
Over at NewsCut, Bob Collins asks, Did a little honesty cost Target CEO his job?
Today’s Question: Has your view of Target changed after the data breach?