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Following Data Breach, Target CEO Resigns

May 5, 2014

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Nearly five months after a massive holiday-season breach of customer credit card numbers and other sensitive data, Target President and CEO Gregg Steinhafel, a 35-year veteran of the company, resigned on Monday, USA Today reports.

Some say he should have stepped down sooner. “It would have been better to start the year with fresh eyes and a fresh approach,” says Brian Sozzi, CEO of Belus Capital Advisors. “I think this reflects the very slow-moving nature that is inherent of Target’s culture.”

In December, the company said that hackers had stolen credit and debit card information from 40 million of its customers, and then in January Target revealed that personal information such as email addresses and phone numbers may have been stolen from up to an additional 70 million customers. Bob DeRodes, a Target outsider, became the company’s new chief information officer last week, following the resignation in March of former CIO Beth Jacob. — Greg Beaubien


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