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Target chairman and CEO immediately resigns

The management turnover continues at Target, this time from the top down as chairman and CEO Gregg Steinhafel said he is parting ways with retailer immediately. The company gave no details surrounding the resignation, but the retailer has struggled since the massive data breach was unveiled in December.

Target, based in Minneapolis, said Chief Financial Officer John Mulligan has been appointed interim president and CEO. Roxanne S. Austin, a member of Target's board, has been named as interim nonexecutive chair of the board. Both will serve in those roles until permanent replacements are named.

Steinhafel has agreed to serve in an advisory role during the transition.

"The last several months have tested Target in unprecedented ways," Steinhafel wrote in a letter to the board that was made available to the media. "From the beginning, I have been committed to ensuring Target emerges from the data breach a better company, more focused than ever on delivering for our guests."

Two months ago, the retailer announced the resignation of its chief information officer, Beth Jacob as it tried to overhaul its security operations. Target recently named Bob DeRodes, as its new chief information officer and the retailer is continuing its search for a chief information security officer and a chief compliance officer.

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