Archived Gregg is gone (USATODAY Just Reported It)

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http://www.usatoday.com/story/money/business/2014/05/05/target-ceo-steps-down/8713847/

NEW YORK — Target says Chairman and CEO Gregg Steinhafel is out, nearly five months after the retailer disclosed a massive data breach that hurt its reputation.

The nation's third-largest retailer says Steinhafel has agreed to step down as the company's chairman, president and CEO, effective immediately. He also has resigned from its board of directors.

Target, based in Minneapolis, says 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.

Steinhafel, a 35-year veteran of Target, will serve in an advisory capacity during the transition.

Target said in December that hackers stole credit and debit card information on tens of millions of customers.
 
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CFO was said to be stepping in as CEO until they figure out what they want to do.
 
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Any chance this has more to do with than the data breach? As big as the data breach was, Target was taking all the right steps toward addressing this issue under his leadership. Perhaps there's a little more to this story? Any chance we will see a culture change closer what Target used to be?
 
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I knew it was going to happen this year. I'm really surprised it's effective immediately though.

I doubt we'll see significant changes though, the board is still in charge.

Any chance this has more to do with than the data breach? As big as the data breach was, Target was taking all the right steps toward addressing this issue under his leadership. Perhaps there's a little more to this story? Any chance we will see a culture change closer what Target used to be?
It absolutely has more to do with than the data breach alone. Canada and their $1billion loss there is likely another significant part of it.
 

Dr Laytex

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Welp. Had to happen. Too many embarassments in a short period of time. If it was anyone on store level they would have been gone a long time ago. Suprized it took this long. Now we will see who can step in and revive the brand.
 
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Any chance this has more to do with than the data breach? As big as the data breach was, Target was taking all the right steps toward addressing this issue under his leadership. Perhaps there's a little more to this story? Any chance we will see a culture change closer what Target used to be?

Losing all that money in Canada didn't help either. We can all hope the TM culture will move closer to what it was a few years back.
 

buliSBI

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Gregg's tenure has been during a time were Target is slipping. Over expansion of stores, Target Canada, drastic cuts in store hours and personnel, Target.com failures, and the Data Breach....Naturally the best thing to do is copy the college team plan. Once a school gets into a losing season slump, throw out the coach and put a new overpriced new coach in and wait 5 years.
 
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