Target Data Breach
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.
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.
As consumers continue to absorb the news that the Target data breach affected far more people than the chain originally announced, the company is offering a year of free credit monitoring to customers. Target initially said 40 million credit card accounts were compromised, but now says the figure is closer to 110 million. Target’s stock was down again Monday, and the retailer announced last week that fourth quarter sales, which included the big holiday shopping season, were down two percent.