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 hammered its business.
Experts say his departure marks the first CEO of a major corporation to resign in the wake of a data breach and underscores how CEOS are now becoming more at risk in an era when such breaches have become common.
The nation’s third-largest retailer said Steinhafel, a 35-year veteran of the company and Target CEO since 2008, has agreed to step down, effective immediately. He also resigned from the board of directors.
