Target CEO Gregg Steinhafel to step down immediately

     Gregg Steinhafel

Target (NYSE: TGT) CEO Gregg Steinhafel has resigned effective immediately. The company has appointed its CFO John Mulligan, as interim president and chief executive.

"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," the board said in a statement released on Monday.

Steinhafel, 59, spent 35 years with Target and his departure leaves a void in top management. "The last several months have tested Target in unprecedented ways," Steinhafel said, in a letter to Target's board.

Steinhafel's departure comes just five months after cybercriminals stole payment card and personal information of up to 70 million customers in one of the largest retail data breaches in history. His exit is the latest management shakeup for Target, which last week appointed Bob DeRodes as CIO effective May 5. Target's previous CIO, Beth Jacobs, departed abruptly from the company in early March amid the company's efforts to recover from its data breach.

For more:
-See this Target press release

Related stories:
Target: Timeline of a data breach
Target's data breach is a story with long legs
Target breach: Heating vendor confirmed as hackers' entry point
Target to install chip and PIN card readers, says that only 25 registers were to blame for massive breach
The story of how Target had chip and PIN cards, but failed to keep them