30 April 2017
Find out more

Target board unseats president and CEO Steinhafel

06 May 2014  |  1061 views  |  0 Source: Target

Target's board of directors issued the following statement today:

"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 rd 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."

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
Find out morevisit vasco.com/news/PSD2-compliant-solutionsvisit dh.com

Top topics

Most viewed Most shared
JPMorgan formally quits R3JPMorgan formally quits R3
8161 views comments | 27 tweets | 16 linkedin
Six global banks join Swift DLT trialsSix global banks join Swift DLT trials
8123 views comments | 17 tweets | 36 linkedin
BBVA steps up fintech acquisition strategy with purchase of OpenpayBBVA steps up fintech acquisition strategy...
7627 views comments | 18 tweets | 18 linkedin
Should central banks open up payment and settlement systems to non-banks?Should central banks open up payment and s...
6435 views comments | 22 tweets | 21 linkedin
UBS moves risk platform to Microsoft Azure cloudUBS moves risk platform to Microsoft Azure...
6215 views comments | 11 tweets | 21 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job