Target Corporation, headquartered in Minneapolis, Minnesota, USA, announced on May 5 that Gregg Steinhafel has resigned as chairman, president, and CEO following the company’s major data breach in 2013. Despite his exit, Target’s delivery and fulfillment investments, along with accelerated security and payment upgrades, will continue under interim leadership.
Target Corporation, one of the largest retailers in the United States operating nearly 1,800 stores nationwide, announced on May 5 that Gregg Steinhafel has resigned as its chairman, president, and CEO. His resignation follows the massive 2013 data breach that compromised 40 million credit and debit card accounts and exposed personal details of 70 million customers.
In a statement, Target’s board of directors expressed gratitude for Steinhafel’s service, noting his accountability during the crisis and his efforts to strengthen company operations. Steinhafel will serve in an advisory role during the leadership transition.
John Mulligan, Target’s Chief Financial Officer, has been named interim president and CEO, while Roxanne Austin, a board member, will serve as interim non-executive chair. The company is conducting a search for permanent successors.
Following the breach, Target has accelerated its efforts to boost cybersecurity and payment security. Recently, the company appointed Bob DeRodes as Chief Information Officer to lead information technology transformation. The retailer is also seeking a Chief Information Security Officer and a Chief Compliance Officer.
Key security measures implemented include enhanced monitoring and logging, stricter vendor access controls, two-factor authentication for employee accounts, and improved firewall governance. Target has also announced a $100 million initiative to transition its REDcard portfolio to MasterCard’s chip-and-PIN technology, aiming to complete the rollout in all U.S. stores by September 2014.
While leadership changes are underway, Target’s investments in digital innovation, delivery, and fulfillment will remain central to its growth strategy as it works to restore customer confidence and strengthen security.
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