This month’s resignation of Target Corp. chief executive officer Gregg Steinhafel came as a federal judge in Minnesota holds the first hearing in the lawsuits filed over the retailer’s data breach—although both sides have expressed interest in settling the litigation.
Target’s board of directors, citing “the right time for new leadership,” announced on May 5 that Steinhafel had stepped down. Although the Minneapolis retailer gave no reasons for his departure, Steinhafel oversaw Target’s handling of the breach, which compromised the credit- and debit-card information, and personal information, of about 110 million customers during the holiday season last year.
