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After last year’s attack by hacker’s compromised the personal data of millions of Target stores shoppers and added to the retail chain’s woes, the board replaced its Chief Executive Officer Gregg Steinhafel as chairman and CEO. According to a report by Bloomberg News, the data breach was the last straw for Target Corp.
Gregg Steinhafel, a 35-year Target employee, who became CEO in 2008, was according to Bloomberg News, already under scrutiny for lagging behind rivals in e-commerce and overseeing a Canadian expansion that lost almost $1 billion last year.
A New York-based analyst at Telsey Advisory Group, Joe Feldman, said in an interview on Bloomberg Television that, “They need some fresh blood at the top that can facilitate some change.”
The founder and CEO of Berglass & Associates, a New York-based executive-search firm, Les Berglass, reported that “Failure isn’t one big mistake — failure is lots of small mistakes that added up to a big mistake,” according to Bloomberg News. Gregg Steinhafel has been the company’s president since 1999. In December 2013, the data breach of Target’s systems affected up to 110 million customers. According to USA Today, Target has hired executive recruitment firm Korn Ferry to assist them in finding its next CEO.
Target ranks as the second-largest U.S. discount retailer, behind Wal-Mart. If you would like more information about employment opportunities with Target Stores you can click here.
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