Target leader loses job - KNOE 8 News; KNOE-TV; KNOE.com |

Target leader loses job

Posted: Updated:
MONROE, La. (KNOE 8 News) -Target CEO Gregg Steinhafel stepped down Monday in the wake of a massive, pre-Christmas data breach that resulted in the theft of 40 million debit and credit card numbers, as well as the potential exposure of personal information of up to 70 million shoppers.

Here's a timeline of events leading up to Steinhafel's departure.

1999: Steinhafel named president after 20 years with the company during which he held numerous merchandising and operating positions.

2007: Steinhafel named to Target's board of directors.

May 2008: Steinhafel named president and CEO.

January 2009: Steinhafel named chairman of Target's board.

Dec. 19, 2013: Target acknowledges that data connected to about 40 million credit and debit card accounts was stolen as part of a breach that began over the Thanksgiving weekend. The theft marks the second-largest credit card breach in U.S. history. Steinhafel issues a statement of apology the following day.

Jan. 10, 2014: Target announces that in addition to the credit and debit card numbers, personal information - including phone numbers and email and mailing addresses - were stolen from as many as 70 million customers in the breach, putting them at risk of identity theft.

The chain also said its sales had been hurt by the breach, cutting its forecast for fourth-quarter earnings and a key sales barometer.

Jan. 29, 2014: Target says investigators found that hackers stole credentials from a vendor to access the retailer's systems. It did not identify the vendor at the time, but a Pittsburgh-area heating and refrigeration business that did business with Target later came forward to say that it also was the victim of a sophisticated cyberattack.

Feb. 26, 2014: Target says its fourth-quarter profit fell 46 percent on a revenue decline of 5.3 percent as customers became spooked about the safety of their private data.

While Target said sales have been recovering since the breach, it expects business to be muted for some time. It issued a profit outlook for the current quarter and full year that was below Wall Street expectations.

March 5, 2014: Chief Information Officer Beth Jacob resigns, first executive caught up in the fallout of the breach.

April 29, 2014: Bob DeRodes, who has 40 years of experience in information technology, is named as new chief information officer.

The company also says that MasterCard Inc. will provide its branded credit and debit cards with the more secure chip-and-PIN technology that it says will be coming out next year. That will make Target the first major U.S. retailer that will have its own branded cards with such technology.

May 5, 2014: Target announces Steinhafel's departure and names Chief Financial Officer John Mulligan as interim president and CEO.

  • Most Popular StoriesMost Popular StoriesMore>>

  • Comedian Joan Rivers hospitalized in New York City

    Comedian Joan Rivers hospitalized in New York City

    Friday, August 29 2014 10:21 AM EDT2014-08-29 14:21:49 GMT
    NEW YORK (AP) - Joan Rivers is in a New York City hospital, one day after going into cardiac arrest at a doctor's office.
    NEW YORK (AP) - Joan Rivers is in a New York City hospital, one day after going into cardiac arrest at a doctor's office.
  • Teacher accused of having sex with 2 students

    Teacher accused of having sex with 2 students

    Thursday, August 28 2014 9:53 AM EDT2014-08-28 13:53:04 GMT
    BATON ROUGE, La. (AP) - Riverdale Christian Academy administrators have fired English teacher Ashley Dowden following her confession to deputies that she had sex with a 16-year-old student.
    BATON ROUGE, La. (AP) - Riverdale Christian Academy administrators have fired English teacher Ashley Dowden following her confession to deputies that she had sex with a 16-year-old student.
  • Local Red Cross Chapter slashed in cutbacks

    Local Red Cross Chapter slashed in cutbacks

    Thursday, August 28 2014 2:22 PM EDT2014-08-28 18:22:44 GMT
    MONROE, La. (KNOE 8 News) - Big changes at the American Red Cross on a national level are having an effect on local staffing. As part of restructuring, the Northeast Louisiana Chapter based in Monroe is loosing its executive director and three other full time employees.
    MONROE, La. (KNOE 8 News) - Big changes at the American Red Cross on a national level are having an effect on local staffing. As part of restructuring, the Northeast Louisiana Chapter based in Monroe is loosing its executive director and three other full time employees.
  • Shooting on Lowery Street

    Shooting on Lowery Street

    Friday, August 29 2014 9:08 AM EDT2014-08-29 13:08:38 GMT
    MONROE, La. (KNOE 8 NEWS) - Shooting on Lowery Street sends one person to the hospital.
    MONROE, La. (KNOE 8 NEWS) - Shooting on Lowery Street sends one person to the hospital.
  • Stabbing on Church Street

    Stabbing on Church Street

    Friday, August 29 2014 9:14 AM EDT2014-08-29 13:14:01 GMT
    MONROE, La. (KNOE 8 NEWS) - Multiple stab wounds sends one to the hospital.
    MONROE, La. (KNOE 8 NEWS) - Multiple stab wounds sends one to the hospital.
  • Former Presidents to launch Presidential Leadership Scholars Program

    Former Presidents to launch Presidential Leadership Scholars Program

    Friday, August 29 2014 3:16 PM EDT2014-08-29 19:16:28 GMT
    Washinton, DC. (KNOE 8 News &  Media Advisory for Bush and Clinton)- On September 8, 2014, President George W. Bush and President Bill Clinton will announce the launch of the Presidential Leadership Scholars program, a partnership between the presidential centers of George W. Bush, William J. Clinton, George H.W. Bush, and Lyndon B. Johnson.
    Washington, DC. (KNOE 8 News &  Media Advisory for Bush and Clinton)-On September 8, 2014, President George W. Bush and President Bill Clinton will announce the launch of the Presidential Leadership Scholars program, a partnership between the presidential centers of George W. Bush, William J. Clinton, George H.W. Bush, and Lyndon B. Johnson.
  • Police: Drugs, alcohol not factors in Freeh crash

    Police: Drugs, alcohol not factors in Freeh crash

    Tuesday, August 26 2014 4:40 PM EDT2014-08-26 20:40:02 GMT
    Former FBI director Louis Freeh has been hospitalized following a single-car crash in Vermont.
    Drugs and alcohol are not believed to be factors in the single-car crash in Vermont that seriously injured former FBI director Louis Freeh, state police said Tuesday.
  • Pipe beating leads to arrest

    Pipe beating leads to arrest

    Thursday, August 28 2014 5:02 PM EDT2014-08-28 21:02:44 GMT
    UNION PARISH, La. (KNOE 8 News UPSO) - A Junction City man has been booked into the Union Parish Detention Center accused of striking another man in the head with a pipe.
    UNION PARISH, La. (KNOE 8 News UPSO) - A Junction City man has been booked into the Union Parish Detention Center accused of striking another man in the head with a pipe.
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KNOE. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.