Target CIO Beth Jacob resigns following data breach

Target's (NYSE: TGT) CIO Beth Jacob has resigned effective immediately. The news comes amid the company's efforts to recover from a massive data breach that compromised payment data of up to 70 million Target shoppers.

Target Chairman, President and CEO Gregg Steinhafel made the announcement to the Associated Press. He added that the retailer is looking for an interim CIO to replace Jacob, who had served in her position since 2008.

Steinhafel also said Target is looking outside the company for a chief information security officer and a chief compliance officer. The previous duties of chief compliance officer were overseen by Target's current vice president of assurance risk and compliance, who had previous plans to retire at the end of March.

The Minneapolis-based company is working with an outside adviser, Promontory Financial Group, to help it evaluate its technology and bring on new talent in the months following the data breach.

Jacob's departure is on the heels of the company's most recent earnings report, released Feb. 26, in which the company, not surprisingly, revealed a steep decline in fourth-quarter sales as shoppers avoided Target for fear of having their data stolen during the critical year-end holiday shopping season. Overall, Target said profit plummeted 46 percent to $520 million, from $961 million a year ago.

For more:
-See this Associated Press article

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