This morning the Associated Press is reporting that Target's CEO, Gregg Steinhafel, has turned in his resignation from the company and has stepped down from his role as CEO as well as its seat on the board of directors. In the interim, Chief Financial Officer, John Mulligan, will take the helm until a replacement CEO can be found.
No official announcement was made on why Steinhafel resigned, but many news sources and industry experts are speculating that it stemmed from immense pressure from shareholders, investors, and the board over last years massive security breach. This resignation falls hot on the heals of the company's Chief Technology Officers resignation last month, and several months of surmounting losses to financial institutions equating to more than $200 million. Steinhafel has been employed by Target for more than 35-years.
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