Target's CEO Resigns in Wake of Data Breach

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 has derailed its business.

The company's board made the announcement, saying that the resignation of Mr. Steinhafel, who had been with Target for 35 years, occurred after extensive discussions. Steinhafel also resigned from the board of directors.

Target said in December that hackers stole credit and debit card information from 40 million customers. In January it revealed that personal information like email addresses and phone numbers may have been stolen from up to an additional 70 million customers.

"Gregg led the response to Target's 2013 data breach," the board said. "He held himself personally accountable and pledged that Target would emerge a better company. We are grateful to him for his tireless leadership and will always consider him a member of the Target family."

Target's CFO John Mulligan will lead the $40 billion discount giant until a replacement is named.

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