A prominent proxy advisory firm is recommending that Target shareholders vote out seven of its 10 board members after a massive data breach. Institutional Shareholder Services on Wednesday targeted those members who serve on the company’s audit and corporate responsibility committee.
Former Target CEO Gregg Steinhafel’s total pay fell 35 percent to $13 million in his last year at the helm as the company’s board revamped compensation plans amid complaints from shareholders that he was paid too much, according to a regulatory filing.
Earlier this week Target’s CEO Gregg Steinhafel stepped down after the massive data breach that occurred last fall. Target named an interim CEO, John Mulligan, a Wisconsin native and University of Minnesota alumnus. Mulligan graduated from Regis High School in Eau Claire in 1983.
Central Texas police have arrested a man accused of using a fraudulent credit card at a Target department store.
Target’s massive data breach has now cost the company’s CEO his job. Target announced Monday that Chairman, President and CEO Gregg Steinhafel is out nearly five months after the retailer disclosed the breach, which has hurt its reputation among customers and hammered its business.
Target hired a new chief information officer to help overhaul its data security systems in the wake of a massive pre-Christmas data breach. The Minneapolis-based discounter said Tuesday that it named outsider Bob DeRodes, who has 40 years of experience in information technology and replaces Beth Jacob.
Secret Service investigators say they are close to gaining a full understanding of the methods hackers used to breach Target’s computer systems last December.
A former Department of Natural Resources official convicted of illegally accessing drivers’ license data on thousands of Minnesotans has been sentenced. On Monday, 49-year-old John A. Hunt of Woodbury was sentenced to two years’ probation and must also pay a $1,000 fine.
A movie could be made about the massive data breach that affected Target last fall. A Hollywood reporter said Sony has bought the rights to a New York Times article about blogger Brian Krebs who exposed the breach.
Target Corp. has acknowledged its security software picked up on suspicious activity after a massive cyberattack was launched, but it decided not to take immediate action. The acknowledgement comes after Bloomberg Newsweek reported Thursday that Target’s security team in Bangalore received security alerts on Nov. 30 that indicated malicious software had appeared in its network.
The data breach at Target Corp. that exposed millions of credit card numbers has focused attention on the patchwork of state consumer notification laws and renewed a push for a single national standard.
Target Corp says the massive data breach over the holidays helped push its profit down 46 percent. The discount retailer said Wednesday that sales fell 5.3 percent as the breach scared off customers.
Objections to a bill that would expand the victim-notification process after a retail or wholesale business data breach were strident and frequent during a hearing Tuesday afternoon of the Minnesota House commerce committee.
A data breach at hometown retailing giant Target is prompting a look at Minnesota data protection laws. The theft late last year of financial and personal data from millions of customers is a driving force behind a bill that a Minnesota House commerce committee was discussing Tuesday.
Target now faces its first Minnesota lawsuit following the massive data breach that’s believed to have compromised up to 110 million customers’ information. Five rural banks in southern Minnesota have reportedly joined together to file a lawsuit against the retailer.