Target CEO Resigns Five Months After Massive Security Breach
May 5, 2014 9:41 AM
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Gregg Steinhafel is the latest and most prominent causality of the data breach
There continues to be fallout from the
Target security breach
that occurred from November 27 through December 15 of last year. During that time, 40 million Target customers had their credit/debit card information stolen while the personal information (addresses, phone numbers, email addresses) of another 70 million customers was compromised.
Detailed reports that followed the breach show that Target was negligent in security protocols and
failed to identify numerous warnings signs
that its systems were being attacked.
The latest casualty from the Target scandal is Gregg Steinhafel, who served as Chairman, President and CEO. Target’s board of directors today announced Steinhafel’s resignation, which is effective immediately. While Steinhafel, a 35-year Target veteran, will stay onboard in an “advisory capacity”, CFO John Mulligan will step in as interim President and CEO until a permanent replacement is found.
“The board is deeply grateful to Gregg for his significant contributions and outstanding service throughout his notable 35-year career with the company,” said Target’s board of directors in a press release. “We believe his passion for the team and relentless focus on the guest have established Target as a leader in the retail industry.”
Beth Jacob, Target’s Chief Information Officer (CIO) during the data breach,
resigned back in March
. Target announced that Bob DeRodes would replace Jacob, and today marks his first day on the job.
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RE: Target will suffer financially for that data loss
5/5/2014 12:55:52 PM
Yea the card companies and banks themselves. The end users, card holders who buy, have lost nothing but those names on the cards have to back it up.
I would not be surprised that the agreements they have with Mastercard/Visa/AA/Discover say Target will eat any cost that is directly because of them. Let alone banks in the middle that had to do extra work so they will sue to get back the labor/time involved on their end, let alone replacing all those cards at their cost.
There are plenty of plaintiffs, just no the ones most people think of.
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