Target CEO leaves company

Posted at 9:08 AM, May 05, 2014
and last updated 2014-05-05 09:08:46-04

NEW YORK (CNNMoney) — Gregg Steinhafel, the chairman and CEO of Target during the retailer’s massive breach of customer data last year, has left the company effective immediately.

The company announced that the decision was made after “extensive discussions” between Steinhafel and the board. Chief Financial Officer John Mulligan will serve as interim CEO, while board member Roxanne Austin will serve as interim non-executive chair of the board.

Steinhafel, who had been with Target for 35 years, will serve in an advisory capacity during this transition to a permanent CEO.

Target is the No. 2 general retailer behind only Wal-Mart Stores.