Executives Educated by Target CEO resignation
Gregg Steinhafel, who has been Target’s Chief Executive Officer since 2008, has resigned months after one of the largest data breaches in history made Target stock value and sales plummet. He also resigned from the board of directors, although he will remain on in an advisory capacity. This is a major benchmark in data breach fallout, as Steinhafel, a 35-year veteran of the company, is the first CEO of a major corporation to lose his job over a breach of customer data. And given how lax most retailers are about their security (they spend, on average, only 6% of revenues, vs. 15% for banks), he won’t be the last.