Target CEO Steinhafel out in wake of data breach

[Omaha Steve]

Source: AP-EXCITE

By ANNE D'INNOCENZIO

NEW YORK (AP) — Target's massive data breach has now cost the company's CEO his job.

Target announced Monday that Chairman, President and CEO Gregg Steinhafel is out nearly five months after the retailer disclosed the breach, which has hurt its reputation among customers and has derailed its business.

The nation's third-largest retailer said Steinhafel, a 35-year veteran of the company and CEO since 2008, has agreed to step down, effective immediately. He also resigned from the board of directors.

A company spokeswoman declined to give specifics on when the decision was reached.

FULL story at link.


Read more: http://apnews.excite.com/article/20140505/target-ceo-716f5a4b08.html

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FILE - In an undated file photo provided by Target Corp., Gregg Steinhafel is shown. Target said Monday, May 5, 2014, that Chairman and CEO Steinhafel is out, nearly five months after the retailer disclosed a massive data breach that hurt its reputation. The nation{2019}s third-largest retailer says Steinhafel has agreed to step down as the company{2019}s chairman, president and CEO, effective immediately. He also has resigned from its board of directors. (AP Photo/Target Corp., Johansen Krause, File)

[randys1]

1. Let me get my tissue while I cry about the

Tens or hundreds of millions he will get in his settlement...we are so stupid to continue putting up with this