Five months into the recovery of its massive data breach, retail giant Target announced today the resignation of its long-time President and Chief Executive Office Gregg Steinhafel. He also will step down as chairman of the board of directors, effective immediately.

In a press release, Target said the board and Steinhafel after “extensive discussions” have decided that “now is the right time for new leadership at Target.” 

After 35 years with the company, Steinhafel's departure comes on the heels of a massive data breach the company suffered in December 2013, the peak of holiday shopping season, after internal security failures led to hackers compromising the personal data, including credit card information, of as many as 110 million of its customers.

Following Steinhafel's departure, Chief Financial Officer John Mulligan has been appointed as interim president and CEO, while Roxanne Austin, a current member of Target's board of directors, will serve as interim non-executive chair of the board. Both Mulligan and Austin will serve in their roles until permanent replacements are named.

Target has retained Korn Ferry to advise the board on a comprehensive CEO search.

Steinhafel has agreed to serve in an advisory capacity during this transition. In a recent Form 8-K filing, Target said Steinhafel is entitled to severance pay but that the board has “not made a final determination on other compensation-related aspects” related to his departure.

Steinhafel is not the only high-level executive to leave in the wake of the data breach. In March, Beth Jacob, Target's chief information officer and executive vice president for technology services, also departed.

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