Target's Chairman and CEO out in wake of breach

Target's massive data breach has now cost the company's CEO his job.
Target announced today 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 spokesman declined to give specifics on when the decision was reached.
The departure suggests the company is trying to start with a clean slate as it wrestles with the fallout from hackers' theft of credit and debit card information on tens of millions of customers.

The company's sales, profit and stock price have all suffered since the breach was disclosed.

Target, based in Minneapolis, said Chief Financial Officer John Mulligan has been appointed interim president and CEO. Roxanne S. Austin, a member of Target's board, has been named as interim nonexecutive chair of the board.
Both will serve in those roles until permanent replacements are named. Steinhafel will serve in an advisory capacity during the transition. Jim Johnson remains lead independent director on the board.
Steinhafel's tenure has been rocky. The company has struggled with its expansion into Canada, its first foray outside of the US. The company, known for its cheap chic clothing and home decor, also has seen uneven sales since the recession ended as it confronts fierce competition.