Department-store chain Target’s board of directors has announced the resignation of CEO Gregg Steinhafel, the latest move to occur in the wake of the huge 2013 data breach from which the company is still recovering. Steinhafel, a 35-year Target employee of the company who also served as its president and a board member, had said that he held himself personally accountable for the data breach. Chief financial officer John Mulligan is acting as interim CEO and president, and board member Roxanne S. Austin will serve as non-executive board chair. Steinhafel remains with Target in an advisory capacity. During the December 2013 breach, hackers stole credit- or debit-card information on up to 110 million people who purchased items at Target. Since then, Target has reported that its revenue during the Christmas 2013 shopping quarter was 5 percent less than in 2012. The company also reported paying $61 million in hacking-related expenses, with insurance covering $17 million. The company plans to use chip-and-pin technology from MasterCard in its new company-branded credit and debit cards, due for release in early 2015. (The Los Angeles Times)(Businessweek)(USA Today)(Target)
