From CNET: Target CEO, President, and Chairman Gregg Steinhafel is officially out at the mega-retailer.
Target on Monday announced that Steinhafel, who spent 35 years with the company, has resigned effective immediately. John Mulligan, the retail chain's chief financial officer, will serve as interim president and CEO until a permanent replacement is chosen.
Steinhafel also resigned from Target's board and is being replaced by Roxanne S. Austin, a current board member who will serve as non-executive chair until the company chooses a permanent replacement.
"The board is deeply grateful to Gregg for his significant contributions and outstanding service throughout his notable 35-year career with the company," the board wrote in a statement on Monday.
Steinhafel resignation is perhaps no surprise. Last year, the company was hit by a massive data breach that left the personal information of its customers open to hackers. It's believed that over 110 million people were affected in the breach. Everything from names, addresses, and even credit card information was stolen.
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