Breaking: Target CEO Resigns
May 5, 2014
Nearly five months after revelations that it had been the victim of a massive security breach that compromised the payment-card and personal information of up to 70 million of its customers, Target today announced it is parting ways with CEO Gregg Steinhafel. Since December, after security journalist Brian Krebs first reported the intrusion, Target has become the most recent—and most visible—cautionary tale in network security. Because it showed even the largest retailers are vulnerable, it also spurred congressional and industry response, leading to the acceleration of EMV implementation in the U.S.
According to a statement this morning from Target’s board of directors, “after extensive discussions, the board and Gregg Steinhafel have decided that now is the right time for new leadership at Target. Effective immediately, Gregg will step down from his positions as Chairman of the Target board of directors, president and CEO.”
Steinhafel has been replaced on an interim basis by former CFO John Mulligan, who represented Target at several congressional hearings since the breach was revealed. Steinhafel was a Target veteran, having spent 35 years at the company.
To hear directly from Brian Krebs, the man who informed the world about Target, Neiman Marcus, Michael’s and others, be sure to register for the CNP Expo in Orlando, May 19-22. Payment security is under attack and Krebs’ keynote details just how bad it is and what can be done. There are only two weeks left, so Register now .