(Bloomberg) — Target Corp. Chief Executive Officer Gregg Steinhafel, dogged by questions over whether the company responded quickly enough to a data breach last year, will step down as chairman, president and CEO.
John Mulligan, Target's chief financial officer, will serve as interim CEO while the company seeks a permanent replacement, according to a statement today. Board member Roxanne Austin will be interim chairwoman.
Steinhafel had been working to regain
customers' loyalty after hackers stole card data and personal
information from tens of millions of shoppers during the holiday
season. Beth Jacob, who had served as Target's top technology
officer during the breach, stepped down in March.
After the attack became public in December, during the height of the holiday shopping season, it harmed Target's reputation and fourth-quarter sales. The company's U.S. comparable-store sales decreased 2.5% in the period. Target is slated to report its latest quarterly results later this month.
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