Target Corp removed Chairman and Chief Executive Gregg Steinhafel on Monday in the wake of a devastating data breach that hurt the No. 3 U.S. retailer's profits, shook customer confidence in the company and prompted congressional hearings.
The departure of the 35-year company veteran also follows Target's botched multi-billion dollar expansion into Canada.
"After extensive discussions, the board and Gregg Steinhafel have decided that now is the right time for new leadership at Target," the company's board said in a statement.
Steinhafel, 59, had been Target's CEO since 2008.
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