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TGT: Target CEO Resigns Effective Immediately

John Mulligan to serve as interim CEO


Target CEO Gregg Steinhafel has resigned as of today, leaving Target (TGT) still trying to right itself after a massive data breach that rocked consumer trust in the nation’s No. 3 retailer.

Target CEOTGT stock is down 3% in early morning trading.

Target named Chief Financial Officer John Mulligan as interim president and CEO.

Target board of directors member Roxanne Austin will serve as interim non-executive chair of the board.

“After extensive discussions, the board and Gregg Steinhafel have decided that now is the right time for new leadership at Target,” Target’s board said in a statement.

Target is looking for a fresh CEO to lead the company forward after a tough year.

In December, Target admitted to a cyber attack in which some 40 million payment card numbers and 70 million other pieces of customer data were stolen.

TGT stock is down 14% from last year.

Article printed from InvestorPlace Media, http://investorplace.com/2014/05/tgt-target-ceo-resigns/.

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