Target Massive Data Breach Cost CEO His Job

Target’s Chairman, President and CEO has lost his job due to the massive data breach which occurred during the 2013 Christmas holiday season. Gregg Steinhafel has agreed to step down as CEO of the nation’s third-largest retailer, and has resigned from the board of directors. Steinhafel has been with the Target for 35 years and the company’s CEO since 2008.

The massive data breach hurt Steinhafel’s reputation and has caused the retail chain’s business to decline. The company’s shares also fell nearly two percent on Monday in pre-market trading. Currently Target’s breach is believed to be the biggest known data breach at a retailer, and according to reports, has scared off millions of customers. In February the chain reported its fourth-quarter profit had failed 46 percent on a revenue decline of 5.3 percent.

Target’s data breach did not just shake up consumers, but the retail industry as a whole. When the cyber attack occurred it … click HERE to continue reading