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Target CEO resigns after months of data-breach damage

BY HBSDEALER Staff

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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Industry Dashboard for May 5, 2014

BY HBSDEALER Staff

The April unemployment rate stood at 6.3%, the lowest level since September 2008, while stocks were all over the board.

(Click the image for a larger version.)

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Trex feels impact of late start to deck season

BY HBSDEALER Staff

The 2014 deck-building season got off to a late start, and Trex felt the impact in its first-quarter results.

The Winchester, Virginia-based company reported net sales of $100.6 million, down from $107.9 million in last year’s first quarter. Net income for the wood-alternative decking giant was $12.3 million, down from $21.6 million in the same period last year. 

“The severe weather experienced throughout the country during the first quarter delayed the start of outdoor living project activity," said Ronald W. Kaplan, chairman, president and CEO. "Trex was affected by this trend. The impact was especially evident in March, when winter storms and low temperatures persisted throughout the month. Except for the weather-related impact to our sales, we are pleased with our first-quarter financial performance and remain confident about our strategy for the year."

Trex expects to bounce back in the second quarter with net sales of $125 million, marking a 27% increase for the quarter and an anticipated 9% gain for the first six months.

“In 2014, we are continuing the high-profile Engineered Artistry branding campaign we successfully launched last year," Kaplan said. "Macroeconomic indicators, including rising consumer confidence and the strengthening home remodeling market, bode well for our prospects."

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