Cybersecurity
Target Replaces Steinhafel After Breach Serves as Last Straw
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The data breach was the last straw for Target Corp. Chief Executive Officer Gregg Steinhafel.
After last year’s hacker attack compromised the personal data of millions of shoppers and added to the retail chain’s woes, the board replaced Steinhafel as chairman and CEO today, saying the time was right for new leadership. John Mulligan, Target’s chief financial officer, will serve as interim CEO while the company seeks a permanent chief, according to a statement. Board member Roxanne Austin, a former DirecTV executive, will be interim chairwoman.