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Target President, CEO Steps Down

May 5, 2014, 10:11 PM by Brady Mallory

Target President, CEO Steps Down

A data breach at Target put your credit card and debit card information in the cards of hackers.  It also seems to have cost the company's president and CEO his job.

"I wasn't really surprised," Jessie Schmidt, director of Better Business Bureau South Dakota, said.

A Target statement read that "after extensive discussions, the board and Gregg Steinhafel have decided that now is the right time for new leadership at Target. Effective immediately." The company announced Steinhafel's resignation on Monday.

In February, Target reported a 46-percent drop in fourth quarter profits. The retailer has taken steps to regain customer trust and Schmidt said there have been some positive effects from the breach.

"We're probably safer at Target than we ever have been, shopping there. We know Target is taking very seriously their point of sale.  They're making the investment in chip and pin technology. Far ahead of other retailers," Schmidt said.

This is not the first resignation following the breach. The Chief Information Officer quit in March. Steinhafel will reportedly receive more $9.26 million as he steps down. The board of directors has named chief financial officer John Mulligan as interim chief executive and president. Roxanne Austin, a member of Target's board of directors, will serve as non-executive of the board.

Target's brand may not suffer long-term at all. Schmidt said Target will be just fine.

"We have a really short memory when it comes to that sort of thing," We are consumers at heart.  Americans love to spend money, and when we've got it, we spend it," Schmidt said.

While Target searches for new, permanent leadership -- Schmidt said the biggest impact is that customers are now more conscious of their financial security than ever before.

"It is our credit card. It is our credit score. It is our responsibility to make sure what's on our statements is legitimate," Schmidt said.

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