Feeds

Target topples CEO in latest data breach domino

Steinhafel falls on own sword

Mobile application security vulnerability report

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 Brief: Top reasons to choose HP BladeSystem

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
Bose says today is F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
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
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.