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Bill Handel

Target's CEO steps down

 
Posted May 5th, 2014 @ 6:51am



Photo Credit: Getty Images

NEW YORK (AP) — Target's massive data breach has now cost the company's CEO his job.

Target announced Monday that Chairman, President and CEO Gregg Steinhafel is out nearly five months after the retailer disclosed the breach, which has hurt its reputation among customers and has derailed its business.

The nation's third-largest retailer said Steinhafel, a 35-year veteran of the company and CEO since 2008, has agreed to step down, effective immediately. He also resigned from the board of directors.

A company spokeswoman declined to give specifics on when the decision was reached.

Shares fell nearly two percent in pre-market trading Monday.

The departure suggests the company is trying to start with a clean slate as it wrestles with the fallout from hackers' theft of credit and debit card information on tens of millions of customers.

The company's sales, profit and stock price have all suffered since the breach was disclosed.

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