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Target CEO Steps Down After Data Breach

CEO Gregg Steinhafel has agreed to step down five months after the data breach compromised 40 million customers.

Just five months after Target’s data breach, CEO Gregg Steinhafel has stepped down from his position, according to The Verge.

Steinhafel will also be stepping down as president and chairman, and will give up his seat on the board of the company.

Chief Financial Officer John Mulligan is expected to take over as president until a replacement is found.

There is no word on whether or not his resignation is linked to the data breach. However, Target has come under fire for its lack of security practices and ignoring warnings, according to The Wall Street Journal.

According to The Verge, the data breach last year compromised credit card data for 40 million customers; and the total cost to banks and credit unions estimated over $200 million.

 

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