Kokomo Tribune; Kokomo, Indiana

Bonus content

May 5, 2014

Target's Chairman and CEO out in wake of breach

NEW YORK (AP) — 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 hammered its business.

Experts say his departure marks the first CEO of a major corporation to resign in the wake of a data breach and underscores how CEOS are now becoming more at risk in an era when such breaches have become common.

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.

The departure suggests the company is trying to start with a clean slate as it wrestles with the fallout from hackers' theft of credit and debit card information on tens of millions of customers. The company's sales, profit and stock price have all suffered since the breach was disclosed.

A company spokeswoman declined to give specifics on when the decision was reached. But in a statement issued Monday, the board said that that after extensive discussions with Steinhafel, they both "have decided it is the right time for new leadership at Target."

The company's stock fell more than 3 percent Monday morning.

Target, based in Minneapolis, said Chief Financial Officer John Mulligan has been appointed interim president and CEO. Roxanne S. Austin, a member of Target's board, has been named as interim nonexecutive chair of the board. Both will serve in those roles until permanent replacements are named.

Steinhafel will serve in an advisory capacity during the transition. Jim Johnson remains lead independent director on the board.

"He was the face of the public breach. The company struggled to recover from it," said Cynthia Larose, chair of the privacy and security practice at the law firm Mintz Levin. "It's a new era for boards to take a proactive role in understanding what the risks are."

Text Only | Photo Reprints
Bonus content
  • Emmys-Robin Williams [Duplicate] Emmys: Billy Crystal to pay tribute to Williams LOS ANGELES (AP) — Billy Crystal will pay tribute to Robin Williams, his longtime friend and fellow comedian, at next week's Emmy Awards. Crystal will honor Williams as part of the traditional "in memoriam" segment for industry members who died durin

    August 21, 2014 1 Photo

  • Slain journalist spent time with Indiana troops INDIANAPOLIS (AP) — The American journalist beheaded by the Islamic State extremist group had gone to Iraq with Indiana National Guard soldiers during a 2008 deployment. James Foley was embedded with members of the Indiana Guard's 76th Infantry Briga

    August 21, 2014

  • Hundreds attend vigil for missing SW Indiana women BOONVILLE (AP) — A few hundred people gathered at a prayer vigil for women missing in southwestern Indiana, including a 27-year-old mother of two children who was last seen nearly a week ago. Many in the crowd outside the Warrick County Courthouse in

    August 21, 2014

  • Missing American-Syria-6 [Duplicate] Slain American journalist remembered as driven ROCHESTER, N.H. (AP) — In 2011, just after James Foley was released from the Libyan prison where he'd been held for six weeks, he acknowledged the peril journalists face covering the world's most dangerous places, soberly conceding that a mistake cou

    August 21, 2014 7 Photos

  • Man rides stolen shopping scooter to probation meeting ALBUQUERQUE, N.M. (AP) — An Albuquerque, New Mexico, man is facing charges after police say he drove a stolen electric shopping cart to meet with his probation officer. KOAT-TV reports court papers say 18-year-old Michael Johnson rode the electric s

    August 20, 2014

  • Police have beef with man accused of being meat thief PORTLAND, Ore. (AP) — Police have a beef with a man they say stole meat worth $2,700 from three Safeway stores in Portland, Oregon. Police say 53-year-old Barry T. Sanders was caught on video hiding meat in a shopping cart at least 13 times in July

    August 20, 2014

  • Police Shooting Missouri-3 [Duplicate] Latest Ferguson protests are smaller, more subdued FERGUSON, Mo. (AP) — Police and protesters in Ferguson were finally able to share the streets again at night, putting aside for at least a few hours some of the hostility that had filled those hours with tear gas and smoke. The St. Louis suburb stil

    August 20, 2014 7 Photos

  • Back To School Charter School City [Duplicate] 10 Things to Know for Today Your daily look at late-breaking news, upcoming events and the stories that will be talked about today: 1. U.S. HAS NO GOOD OPTION TO PROTECT SECOND JOURNALIST HOSTAGE After the Islamic State beheaded reporter James Foley, the White House must decid

    August 20, 2014 3 Photos

  • Britain Talking Statues-6 [Duplicate] Ring, ring: London statues want to talk to you LONDON (AP) — Calling all London tourists: Peter Pan, Sherlock Holmes and Queen Victoria want to have a word with you. A new interactive arts project is giving a voice to dozens of statues of historical and fictional characters in London, allowing t

    August 20, 2014 5 Photos

  • Kids Killed Driver Shot-9 [Duplicate] Prosecutor: Father shooting driver was 'execution' ANGLETON, Texas (AP) — A drunken driver did not deserve "execution" by a Texas father accused of taking the law into his own hands in a fit of rage over the killing of his two sons in a wreck, a prosecutor told jurors on Tuesday. David Barajas is ac

    August 19, 2014 6 Photos

Latest news
Featured Ads
Only on our website
AP Video
Raw: Rescue Efforts Suspended at Japan Landslide Raw: Bodies of MH17 Victims Arrive in Malaysia Raw: Smaller Marches in Ferguson Marathon Suspect's Friend Pleads Guilty Attorney: Utah Eatery Had Other Chemical Burn Farm Resurgence Grows With Younger Crowd Microbrewery Chooses Special Can for Its Beer Ky. Firefighters Hurt in Ice Bucket Challenge Federal Investigation Will Look at Use of Force Community Deals With Michael Brown Aftermath US: We Do Not Pay Ransom to Terrorists Ferguson Teachers Training to Deal With Trauma Jon Hamm on the Unrest in Ferguson Tit for Tat? McDonald's Shuttered in Moscow Life on the Professional Video Game Circuit TX Gov Perry in Washington: 'Confident' in Case Hospital Releases Two Missionaries Who Had Ebola Ramen Health Risks: The Dark Side of the Noodle NYC Doctor-in-chief Seeks Community Approach Indonesian Police Fire Tear Gas at Protesters
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Obituaries
Poll
Kelly Lafferty's video on Tom Miller