Target CEO out

Target / Retail

NEW YORK (CNNMoney) — Greggg Steinhafel, the chairman and CEO of Target during the retailer’s massive breach of customer data last year, has left the company effective immediately.

The company announced that the decision was made after “extensive discussions” between Steinhafel and the board. Chief Financial Officer John Mulligan will serve as interim CEO, while board member Roxanne Austin will serve as interim non-executive chair of the board.

Steinhafel, who had been with Target for 35 years, will serve in an advisory capacity during this transition to a permanent CEO.

Target is the No. 2 general retailer behind only Wal-Mart Stores.

By Chris Isidore

The-CNN-Wire
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