Target CEO Stepping Down

By CNN

Published 05/05 2014 10:04AM

Updated 05/05 2014 10:08AM

The CEO of Target has stepped down months after a massive data breach at the retailer.

Target announced the decision for chairman and CEO Gregg Steinhafel to resign was made after discussions between Steinhafel and the board of directors.

Steinhafel had been with the company for 35 years.

Chief Financial Officer John Mulligan will serve as interim CEO.

Target has been working to upgrade its security measures since a massive hack last year compromised the credit card information of 40 million Target shoppers.

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