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Target’s CEO, Gregg Steinhafel, has announced he will be resigning from his post as head of the company. Chief financial officer John Mulligan will step in as interim CEO at this time.
Steinhafel is resigning in the wake of a security breach that affected over 40 million customers during the holidays.
In a statement on Monday, Target said Steinhafel felt he was “personally accountable” for the data breach. He will continue on in an advisory role during this transition. Roxanne S. Austin will serve as interim non-executive chair of the board.
TIME reports Target’s board of directors said in a statement, “We are grateful to him for his tireless leadership and will always consider him a member of the Target family.”
The data breach hurt Target as a company, as premarket trading determined they were down .09 in shares.
Reuters reports Target has enlisted executive recruiting firm Korn Ferry to re-fill the position of CEO.