Quick Stats

Quick Stats

    You are here

    Target Reboots Leadership at the Top

    CEO Steinhafel latest casualty of retailer's data security breach

    By Jim Dudlicek, EnsembleIQ

    Continuing fallout from last fall's data breach at Target Corp. finally made its way to the top of the executive suite today as the retailer's board of directors announced the immediate departure of Gregg Steinhafel as chairman, president and CEO.

    "After extensive discussions, the board and Gregg Steinhafel have decided that now is the right time for new leadership at Target," the board announced in a statement issued Monday morning. John Mulligan, Target’s chief financial officer, has been appointed as interim president and CEO. Roxanne S. Austin, a current member of Target’s board of directors, has been appointed as interim non-executive chair of the board. Both will serve until permanent replacements are named. Steinhafel will serve as an advisor during this transition. The company has retained executive search firm Korn Ferry to help bring a new CEO on board.

    Target Will 'Emerge a Better Company'

    The announcement comes less than a week after Target appointed a new chief information officer to spearhead technology efforts as the retailer continues to beef up security after a data breach exposed the personal information of millions of Target shoppers late last year. The board's statement noted that Steinhafel "held himself personally accountable" for the breakdown in security and "pledged that Target would emerge a better company," though the incident has apparently cost Steinhafel the opportunity to continue leading Target through the recovery.

    The board praised Steinhafel for "significant contributions and outstanding service throughout his notable 35-year career with the company," crediting him for creating "a culture that fosters innovation and supports the development of new ideas." Steinhafel helped Target weather a recession and face challenges with its expansion into Canada, and he successfully defended the company through a high-profile proxy battle, the board noted, adding that the transition is "an opportunity to drive Target’s business forward and accelerate the company’s transformation efforts.”

    Minneapolis-based Target Corp. operates 1,916 stores in the United States and Canada.

    By Jim Dudlicek, EnsembleIQ
    • About Jim Dudlicek As editor-in-chief of Progressive Grocer, Jim Dudlicek oversees daily operations of the magazine, spearheads its signature features, produces PG’s monthly Trend Alert newsletter on center store issues, moderates its regular webcast series, and writes and comments about a wide range of grocery issues. A food industry journalist since 2002, Jim came to PG in June 2010 after covering the dairy industry for 7½ years, during which time he served as chief editor of Dairy Field and Dairy Foods magazines. A graduate of Marquette University, Jim is fascinated by how truly progressive grocers inspire consumers to enjoy food, transforming the industry from mere merchants into educators that can take the most basic of all necessities and turn it into something profound and life-enhancing.

    Related Content

    Related Content