Target’s chairman and chief executive officer, Gregg Steinhafel, a 35-year company veteran, is stepping down, as the massive pre-Christmas data breach suffered by the Minnesota retailer continues to roil the company. The decision is effective immediately, according to a statement posted today on the company’s website. John Mulligan, Target’s chief financial officer, has been appointed as interim president and CEO.
Steinhafel “held himself personally accountable and pledged that Target would emerge a better company,” following the breach, the statement said. “We are grateful to him for his tireless leadership and will always consider him a member of the Target family.”