Target has announced that its CEO Gregg Steinhafel is out, the Associated Press reports. Steinhafel, who also served as chairman and president and has been with the company for 35 years, has agreed to step down—effective immediately. The news follows the company’s massive data breach, which has impacted its sales, profit, stock price and reputation. Chief Financial Officer John Mulligan has been appointed interim president and CEO. "The last several months have tested Target in unprecedented ways," Steinhafel told the company’s board of directors. "From the beginning, I have been committed to ensuring Target emerges from the data breach a better company, more focused than ever on delivering for our guests.”
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