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Target Chairman & CEO Resigns
It seems being ultimately responsible for the largest data breach is US history has its consequences for the bucks-stops-here CEO and Chairman of Target:
- *TARGET SAYS CHAIRMAN, CEO STEINHAFEL TO STEP DOWN
- *TGT BOARD, STEINHAFEL SAY NOW IS RIGHT TIME FOR NEW LEADERSHIP
- *TGT SAYS STEINHAFEL ENTITLED TO SEVERANCE PAYMENTS
- *TARGET SAYS AUSTIN NAMED INTERIM NON-EXEC CHAIR
Target share prices is down modestly on the news, testing its 200DMA.
Full Target Press Release below:
“Today we are announcing that, after extensive discussions, the board and Gregg Steinhafel have decided that now is the right time for new leadership at Target. Effective immediately, Gregg will step down from his positions as Chairman of the Target board of directors, president and CEO. John Mulligan, Target’s chief financial officer, has been appointed as interim president and chief executive officer. Roxanne S. Austin, a current member of Target’s board of directors, has been appointed as interim non-executive chair of the board. Both will serve in their roles until permanent replacements are named. We have asked Gregg Steinhafel to serve in an advisory capacity during this transition and he has graciously agreed.
The board is deeply grateful to Gregg for his significant contributions and outstanding service throughout his notable 35-year career with the company. We believe his passion for the team and relentless focus on the guest have established Target as a leader in the retail industry. Gregg has created a culture that fosters innovation and supports the development of new ideas. Under his leadership, the company has not only enhanced its ability to execute, but has broadened its strategic horizons. He also led the company through unprecedented challenges, navigating the financial recession, reacting to challenges with Target’s expansion into Canada, and successfully defending the company through a high-profile proxy battle.
Most recently, Gregg led the response to Target’s 2013 data breach. He held himself personally accountable and pledged that Target would emerge a better company. We are grateful to him for his tireless leadership and will always consider him a member of the Target family.
The board will continue to be actively engaged with the leadership team to drive Target’s future success and will manage the transition. In addition to the appointments of the exceptional leaders noted above, we have also retained Korn Ferry to advise the board on a comprehensive CEO search.
The board is confident in the future of this company and views this transition as an opportunity to drive Target’s business forward and accelerate the company’s transformation efforts.”
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so was this seppuku or was he voted off the island?
Seemed more like a financial problem to me.
Take your $400 million retirement package complete with Crystal Bullseye and get the fuck out of here! U.S. companies really know how to hold people responsible.
Yeah.. AMF!
It's all in his contract, I'm sure. Yet the executives at Target and others actively work to "discourage" their workers from organizing or seeking a contract that will allow them a living that isn't even a hundreth of what those at the top earn. Grotesquely ironic.
Target/retail version of Logans Run. Must be connected to last 35yrs to the top of the Target pyramid. The employee parking looks like a junk yard/the stores white floor get better treatment.
Two of us who used our European visa in Target around that time had them compromised 10 weeks later. Someone in Brazil tried one of them. Target did not send out sufficient warnings and only concentrated on USA media to warn people. If like many you dio not read the financial papers this would have gone over ones head completely.
Let me guess "to spend more time with family"?
The "smart" ones are bailing or changing their stripes. This wasn't an ouster, it was an opportunity to get out. Target is yet another store where consumers are starting to trickle down.
Well played. Now get your shit to the bunker.
Bring back Caldor.
Caldor was great until Cal and Dora sold it to a conglomerate who promptly forgot who their customer was. My ex worked at corporate in Stamford. It was sad to go through the death of a good company. I just retired from 10 years with JCP. They are dying a slow death.
don't worry about steinhafel, he got fucking plenty
Target share price sis dfown modestly on the news.
Do you mind if we dance wif yo dates?
Not at all! We were just......leaving! What a great idea!
toe-ga! toe-ga! toe-ga!
Targets Christmas numbers sucked so this asshole sells everybody personnal info to the highest bidder. (wink wink hacked) Then he gets a nice gold parachute.
$24M per year for the past four years. Frickin' maggot.
Now....is always a good time to step down and take your golden parachute.
Target, another big box retailer that makes me depressed.
I feel bad for Greg.
/sarc.
You missed a "G". It's Gregg. Or, behind his back, "Triple-G."
I heard he made a private comment about a gay black man in high office that was recorded by his concubine.
Are you sure the dude is black?
More like an Uncle Tom to most people.
I'm not sure he is human.
This guy's tenure has been an ongoing trainwreck. Culture and morale keep declining. The foray into Canada was a disaster, as his predecessor had said it would be when he wouldn't do it. As Ulrich said, it's hard to run a US-style discount retailer in a country where you actually have to follow employment and environmental laws, and pay taxes. Steinhafel didn't believe him but found out he was right, the hard way.
Internally, Steinhafel made some very odd personnel decisions. He hired a lot of former political staffers, from far-right Congressmen mostly. This gave Target utterly incompetent PR people, former Texas debutantes who got jobs in GOP offices at the end of the Bush II administration when nobody cared.
Steinhafel had to learn the hard way that his personal political opinions, which he has every right to pursue, aren't very good PR for his business. He and his wife spent a lot of money making sure a clinic for eating disorders couldn't open up a few blocks from the driveway into his wooded compound in suburban Minneapolis. He gave money to candidates and causes opposing gay rights including marriage; that's a bizarre position if you've ever met anybody involved in Target's creative team.
The data breach is finally turning into a silver lining for Target. It's given them the excuse they needed to get rid of the guy they needed to get rid of for every other reason as well.
Fucking Canada! Living wages, environmental laws and taxes have all conspired to deny Canadians of Michael Graves funky teapots and Mossimo fashions for plus sized woman.
Target Target
That's our store
We shop there
'cause we are poor.
(or afraid of minorities at walmart)
What i s so fucking special about the 200 day moving average?
Right on target.