Target CEO resigns after months of data-breach damage

Gregg Steinhafel

Following a long episode of data-breach damage control, Target Corp. CEO Gregg Steinhafel is stepping down as Target Corp. president, CEO and chairman of the board. 

An statement released Monday morning from Target reads:  "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." 

Taking his place as interim CEO will be John Mulligan, Target's CFO. Roxanne Austin, currently a member of the Target board, has been appointed interim non-executive chair of the board.

Steinhafel, a 35-year company veteran, will remain on board in an advisory capacity, the company said.

Target's data breach emerged in December, when the company announced a widespread theft of credit card information from customers -- about 40 million of them. As part of an effort toward a more secure point-of-sale system, the company is embracing chip-and-pin technology. Target's private label credit cards are being switched over to MasterCard chip-and-pin cards next year.

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