Late yesterday, Target (NYSE:TGT) hired its first chief information security officer, from outside the company. On the eve of its annual shareholders meeting, Target is seeking to restore its stock price and market share after the now infamous data breach of late 2013.
Brad Maiorino, formerly in charge of global information security at General Motors, will join Target on Monday to strengthen its protection against security threats, the company said in a statement. Maiorino, who also served as CISO at General Electric, will report to Bob DeRodes, who was recently hired as Target's executive VP and CIO.
"Maiorino will be responsible for Target's information security and technology risk strategy helping to ensure that the company, its guests and team members are protected from internal and external information security threats," Target said in a statement.
This news comes after Target said yesterday that it is relocating all top executives to new offices on the same floor of its Minneapolis headquarters, in an effort to change corporate structure.
Four longstanding groups within the organization are targeted for change. The supply chain council, the prototype council, design committee and capital expenditure committee are being restructured to eliminate a layer in the approval process.
"All across Target, we need more 'leadership' and less 'committee,'" Mulligan said in a memo reviewed by The Wall Street Journal.
Target tapped Maiorino because he is "widely recognized as one of the nation's top leaders in the complex, evolving areas of information security and risk," said DeRodes. "As an organization, we have made a commitment to our guests and our team that Target will be a retail leader in information security and protection. We believe Brad is the right person to lead that charge."
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