Target CEO out due to massive data breach

The data breach is believed to be the largest such breach of any retailer.

Gregg Steinhafel

(NBC) - Target's CEO is stepping down.

Gregg Steinhafel announced Monday he has resigned as Chief Executive and Chairman of the Board.

His departure comes in the wake of a massive data breach that hit millions of customers, shook shopper confidence, hurt profits and damaged the chain's reputation.

In a statement, the retailer's board of directors said that "after extensive discussions, the board and Gregg Steinhafel have decided that now is the right time for new leadership."

The board appointed Target's Chief Financial Officer, John Mulligan, as interim President and Chief Executive Officer.

Steinhafel had been with the company for 35 years. He had been Chief Executive since 2008.

Roxanne Austin, a current member of Target's Board of Directors, has been appointed as Interim Non-Executive Chair of the Board.

Both Austin and Mulligan will serve in their roles until permanent replacements are named.

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