Gregg Steinhafel is stepping down from his role as president, CEO and Chairman of the Board of Directors of Target, effective immediately. Steinhafel, a company veteran, has been with the company for 35 years and was appointed CEO in May 2008. Taking over as interim President and CEO is Target’s CFO John Mulligan. Steinhafel will remain on the board in an advisory capacity.
The move comes after Target has been unable to completely redeem itself after the December data breach involving as many as 40 million shoppers’ credit card details and the personal data of 70 million customers, including their names, addresses, phone numbers and email addresses.
“He held himself personally accountable and pledged that Target would emerge a better company,” says the company in a statement. “We are grateful to him for his tireless leadership and will always consider him a member of the Target family.”
After the news, Target shares dropped almost three per cent to $60.05.