Target, a retailer company of America announced the departure of its present CEO Gregg Steinhafel and now CFO of company “John Mulligan” will replace him as CEO.
In addition to this, Gregg’s exit from company is the result of security breach that happened almost five months ago and in this particular controversy, almost 70 Million customers data was exposed along with their banking and credit card details.
Gregg is also stepping down from President and Chairman’s position and on his exit, company said in an official statement that “The board is deeply grateful to Gregg for his significant contributions and outstanding service throughout his notable 35-year career with the company. We believe his passion for the team and relentless focus on the guest have established Target as a leader in the retail industry. Gregg has created a culture that fosters innovation and supports the development of new ideas. Under his leadership, the company has not only enhanced its ability to execute, but has broadened its strategic horizons.”
Company added “He also led the company through unprecedented challenges, navigating the financial recession, reacting to challenges with Target’s expansion into Canada, and successfully defending the company through a high-profile proxy battle.”