Target Hack Claims Its Final Victim

Computer security conceptBloomberg news is reporting that the recent infamous data breach was the last
straw for Target Corp. Chief Executive Officer Gregg Steinhafel.
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Here are some of the highlights of the “Target CEO Steinhafel to Step Down
Following Data Breach” Bloomberg report:
– The retail chain’s Board replaced Steinhafel as chairman and CEO on May 5, saying
the time was right for new leadership. According to a statement, John Mulligan,
Target’s chief financial officer, will serve as interim CEO while the company seeks a
permanent chief. Board member Roxanne Austin, a former DirecTV executive, will
serve as interim chairwoman.
– Bloomberg writes that Steinhafel, a 35-year Target employee, was already under
scrutiny for lagging rivals in e-commerce and overseeing a Canadian expansion that
lost almost $1 billion last year. As the pressure mounted, hackers gained access to
40 million credit card numbers as well as 70 million addresses, telephone numbers
and other information.
– Bloomberg writes that after the attack became public in December, Target’s
reputation and foot traffic took a hit. They noted, “The Minneapolis-based
company’s U.S. comparable-store sales decreased 2.5 percent in the fourth quarter.
Target replaced its top technology executive in the wake of the breach.”
– “The Target board said that Steinhafel held himself personally accountable for the
breach and ‘pledged that Target would emerge a better company.'”
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Read the full Bloomberg post here.
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