NEW YORK — 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.
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