Target CEO resigns after massive data breach

MINNEAPOLIS (KABC) -- Target's board of directors announced Monday the resignation of CEO Gregg Steinhafel in the wake of the retailer's massive data breach last year.

"After extensive discussions, the board and Gregg Steinhafel have decided that now is the right time for new leadership at Target," a company statement said.

Steinhafel is expected to step down as Chairman of the Target board of directors, president and CEO immediately. He will serve in an "advisory capacity" during the transition to new leadership.

Target's chief financial officer John Mulligan was appointed interim president and chief executive officer. Roxanne Austin, a current board member, was appointed as non-executive chair. They will serve until permanent replacements are chosen.

Steinhafel, who has worked at Target for 35 years, came under fire during the company's data breach last year. About 40 million credit and debit card information from customers was stolen in November and December.

In response, Target issued an apology and offered free credit-monitoring to those affected.

Target is based in Minneapolis and has nearly 1,800 stores in the U.S. and 124 in Canada.