Target CEO Loses Job
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U.S. retail giant Target announced on May 5 that CEO Gregg Steinhafel is leaving his post, effective immediately. Steinhafel has been working at Target for 35 years and had been serving as the company's CEO since 2008.
Under Steinhafel's watch, Target was the victim of a data breach that was first disclosed on Dec. 19, 2013. The breach occurred between Nov. 27 and Dec. 15, 2013, and impacted at least 70 million consumers.
John Mulligan, Target's chief financial officer, will act as the interim president and CEO, and Steinhafel will work as an adviser to the company during the transition period.
"Under his [Steinhafel's] leadership, the company has not only enhanced its ability to execute, but has broadened its strategic horizons," Target noted in a statement. "He also led the company through unprecedented challenges, navigating the financial recession, reacting to challenges with Target's expansion into Canada, and successfully defending the company through a high-profile proxy battle."