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Wow: Target's CEO to Step Down, Effective Immediately

Gregg Steinhafel. Image via A Bullseye View.
Gregg Steinhafel. Image via A Bullseye View.

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The fallout from Target's massive holiday security breach continues. After the company replaced its chief information officer, who stepped down last month in the wake of the scandal, news broke this morning that CEO Gregg Steinhafel will leave the company immediately.

Steinhafel, who served as CEO for six years, was described by the Wall Street Journal as a 35-year "lifer" of the company who "won plaudits for his merchandising ability." The company is on the hunt for a new CEO; its chief financial officer, John Mulligan, will fill in for Steinhafel in the interim.
· Target Replaces CEO Steinhafel Following Massive Holiday Breach [WSJ]
· Target Chief Information Officer Takes the Fall for Security Breach [Racked]
· Here's How Criminals Shacked Up Inside Target's System [Racked]