Headlines

Steinhafel Out as Target Chief

Hacking scandal led to resignation

Published

10 years ago

May 5, 2014

The fallout of the Target (Minneapolis) data breach reached the company’s executive suite today as its ceo of six years, Gregg Steinhafel, stepped down from his post. Chief financial officer John Mulligan will step-in for Steinhafel until the company finds a new chief, according to The Wall Street Journal.

Experts say while the computer attack was just one of the missteps (including a money-losing expansion into Canada) that led to Steinhafel’s resignation, it was the most public and costly.

Steinhafel, whose Target career began as a merchandising trainee in 1979, has been widely credited with the creative and appealing merchandising strategies that have differentiated Target from its discount retail competitors such as Walmart. John Mulligan, Target Corp.’s chief financial officer, has been appointed as interim president and chief executive officer.

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