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ARTICLE · 15 MAY 2014

New Target On The CEO’s Back: Data Privacy And Security

McGuireWoods LLP
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Target Chairman, President and CEO Gregg Steinhafel lost his job in large part due to the Target data breaches from November 2013 to January 2014.

United StatesPrivacy
William Cook
William Cook
Amy Worley
Amy Worley

On Monday, May 6, Target Chairman, President and CEO Gregg Steinhafel, a 35-year veteran of the company, lost his job in large part due to the Target data breaches from November 2013 to January 2014. He may be the first CEO of a major corporation to lose his job as a result of a data breach – but he will not be the last.

Steinhafel was a very highly regarded company leader who appears to have handled the breach crisis aggressively. He took the normal steps followed in these situations − immediately investigate the problem, notify law enforcement, notify customers, offer a 5-percent discount to customers who used Target’s branded debit and credit cards, and provide free customer credit monitoring − but the economic impact of the breach was just too substantial.

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