The chairman and CEO of Target (NYSE: TGT) has been cut loose from the retail giant following last year’s revelation the company had fallen victim to a massive data breach.
Gregg Steinhafel had been the chief executive officer since 2008 after beginning his career with the Minneapolis-based big-box store 35 years ago.
The company’s board of directors named chief financial officer John Mulligan interim CEO as it searches for a replacement. Meanwhile, board member Roxanne Austin takes over temporarily as Target’s chairwoman.
The move comes after it was revealed in December at least 40 million credit card numbers had been stolen in a cyber attack against the company.
Furthermore, efforts to expand in Canada last year resulted in a $1-billion loss for Target in 2013.
Target has about 1,800 stores in the United States and 127 in Canada. It opened its first nine stores in B.C. last May.
