by. David Morrison

The breach of millions of consumer records cost Target President/CEO Gregg Steinhafel his job.

The company announced on May 5 that Steinhafel had stepped down immediately from the CEO position, as well as from being chairman of the company’s board.

“I love this company,” Steinhafel wrote in May 5 letter the company posted on its website, “and remain incredibly confident in the more than 360,000 team members who deliver on the high standard of our brand promise every day. Their deep devotion to our guests will propel Target’s success now and into the future,” he wrote.

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