Target CEO Out Over Data Breach

On Monday, Target announced that Chairman, President, and Chief Executive Gregg Steinhafel would step down after nearly 35 years at the retailer. It's been five months since Steinhafel disclosed an embarrassing Target data breach in which 40 million credit- and debit-card accounts were compromised. In January, Target also revealed that hackers stole personal information from as many as 70 million customers. Despite his resignation and checkered tenure as CEO, Steinhafel will continue to serve in an advisory capacity. In a letter to Target's board, Steinhafel wrote: "The last several months have tested Target in unprecedented ways. From the beginning, I have been committed to ensuring Target emerges from the data breach a better company."