Feeds

Target topples CEO in latest data breach domino

Steinhafel falls on own sword

Maximizing your infrastructure through virtualization

The CEO of Target is the latest casualty of the big-box retailer's disastrous holiday data breach.

The company said that chief exec Gregg Steinhafel would be leaving the company after 35 years,vacating both the CEO and president roles as well as his seat as chairman of the company's board of directors.

Steinhafel had overseen the company as CEO since 2008 and as president since 2009. According to a Bloomberg profile, Steinhafel joined the company as a trainee in 1979 and rose through the ranks at Target to take over the top role at the retail giant.

More recently, Steinhafel saw Target embarrassed and dangerously exposed when in December federal investigators notified the company of a possible breach in its payment card systems.

Further investigations revealed that hackers had penetrated Target's retail network to install data-harvesting malware on point-of-sale systems over the holiday shopping season. The result was the loss of 40 million card numbers and one of the worst retail data breaches ever.

Subsequent investigations found that Target's corporate management failed to act on warnings issued by the company's network security systems and only moved on the breach when outside investigators noticed suspicious activity. The breach was eventually traced to a network intrusion at a third-party contractor.

In the wake of the attack, Target has axed a number of executives, including CIO Beth Jacobs, who was recently replaced by Homeland Security veteran Bob DeRodes.

"[Steinhafel] held himself personally accountable and pledged that Target would emerge a better company," the company said in a statement. "We are grateful to him for his tireless leadership and will always consider him a member of the Target family."

With Steinhafel stepping down, Target will make CFO John Mulligan interim chief and Roxanne S. Austin will assume chairwoman responsibilities. The company said that Steinhafel will stay with Target as an adviser while the firm looks for permanent CEO and board chair candidates. ®

The Power of One Infographic

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Airbus promises Wi-Fi – yay – and 3D movies (meh) in new A330
If the person in front reclines their seat, this could get interesting
UK Parliament rubber-stamps EMERGENCY data grab 'n' keep bill
Just 49 MPs oppose Drip's rushed timetable
Want to beat Verizon's slow Netflix? Get a VPN
Exec finds stream speed climbs when smuggled out
Samsung threatens to cut ties with supplier over child labour allegations
Vows to uphold 'zero tolerance' policy on underage workers
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
prev story

Whitepapers

Reducing security risks from open source software
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.