Monday, May 5, 2014

Checkout on Aisle One: Target CEO Leaves After Massive Data Breach

Posted By on Mon, May 5, 2014 at 9:05 AM

The Christmas from Hell just keeps on giving to Target CEO Gregg Steinhafel, who has crawled away from his post in the wake of a massive holiday season data breach. Target said Steinhafel's decision was effective immediately.

Steinhafel received $20.6 million in salary and bonuses during 2012, according to company filings. And a separate filing indicates that his severance and termination package could top $26 million.

The data breach, which erupted at the height of the holiday shopping season, exposed personal information of up to 110 million Target customers, the largest such breach of its kind.

Steinhafel "held himself personally accountable and pledged that Target would emerge a better company," read a company statement released early today. "We are grateful to him for his tireless leadership and will always consider him a member of the Target family."

Target still hasn't publicly announced the results of its own internal investigation into the breach.

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