US: Target CIO quits following security breach
Target Corp faced a security breach in December which affected 70m customers
The chief information officer of US retailer Target Corp., which suffered a security breach said to have affected 70m customers, has resigned.
A spokesperson for Target Corp. confirmed Beth Jacob had stepped down from the position.
In a statement issued to just-food yesterday (6 March), CEO and chairman Gregg Steinhafel said Target would be "elevating the role" to a new job of chief information security officer and would hire externally for the position.
"While we are still in the process of an ongoing investigation, we recognise that the information security environment is evolving rapidly. To ensure that Target is well positioned following the data breach we suffered last year, we are undertaking an overhaul of our information security and compliance structure and practices at Target. As a first step in this effort, Target will be conducting an external search for an interim CIO who can help guide Target through this transformation. Additionally, we will be initiating an external search for a chief compliance officer."
Steinhafel added: "We are also working with an external advisor, Promontory Financial Group, to help us evaluate our technology, structure, processes and talent as a part of this transformation."
The data breach hit Target's profits in its last financial year. Annual net income for the 12 months to 1 February fell 34% to $1.971bn. Sales dipped 0.9% to $71.3bn.
TechNavio's analysts forecast the Modern Grocery Retailing market in the US to grow at a CAGR of 0.76 percent over the period 2012-2016. One of the key factors contributing to this market growth is th...
Costco Wholesale Corp, which leads mixed retailers in Canada, has performed well in the face of increased competition and a changing social and demographic landscape. While the retailer benefited from...
- Analysis: Is Heinz, Kraft merger "a growth story"?
- M&A Watch: Who could be on 3G Capital's radar?
- The challenges awaiting ConAgra's new CEO
- Viewpoint: Faber-led Danone gets realistic
- Focus: Can Mars gain share in Indian chocolate?
- UPDATE: Heinz, Kraft strike merger agreement
- Fatal explosion at French desserts firm Senagral
- Kraft "in buyout talks" with Heinz owner 3G
- Infographic: Heinz, Kraft unveil combined business
- Buffett: Kraft Heinz to withstand health focus