Target Removes CEO

Gregg Steinhafel, 59, had been Target's CEO since 2008. Board of executives decided that it is now time for new leadership for the company. He was removed from his position as CEO on Monday in the wake of the devastating data breach that hurt Target's number three spot in US's top retailers list. The Minneapolis-based company named Chief Financial Officer John Mulligan as interim chief executive, and Roxanne Austin, a member of Target's board of directors, as interim non-executive chair of the board. Following the replacement, the company will spend multi-billion dollars expanding into Canada.