Nearly five months after Target suffered a massive data breach, the company said today that its CEO is stepping down.
“Today we are announcing that, after extensive discussions, the board and Gregg Steinhafel have decided that now is the right time for new leadership at Target," read a statement on Target's website.
John Mulligan, Target’s chief financial officer, has been appointed as interim president and chief executive officer. Roxanne S. Austin, a current member of Target’s board of directors, has been appointed as interim non-executive chair of the board.
Steinhafel, a 35-year veteran of the company, will stay on in an advisory role during the transition.
"The board is deeply grateful to Gregg for his significant contributions and outstanding service throughout his notable 35-year career with the company," the statement read. "We believe his passion for the team and relentless focus on the guest have established Target as a leader in the retail industry."
Target also announced that starting today, Bob DeRodes will lead its information technology transformation as executive vice president and chief information officer. DeRodes will oversee the Target technology team and operations, with responsibility for the ongoing data security enhancement efforts as well as the development of Target’s long-term information technology and digital roadmap.
In a statement released April 29, prior to his departure, Steinhafel said, “Establishing a clear path forward for Target following the data breach has been my top priority. I believe Target has a tremendous opportunity to take the lessons learned from this incident and enhance our overall approach to data security and information technology. Bob’s history of leading transformational change positions him well to lead our continued breach responses and guide our long-term digital strategy.”
DeRodes has more than 40 years of experience and is a recognized leader in information technology, data security, and business operations — including working for the U.S. Department of Homeland Security and advising multinational companies.
The company is continuing its active search for a chief information security officer and a chief compliance officer.