Gregg Steinhafel has stepped down from his position as Target's president and CEO.
According to a company press release, chief financial officer John Mulligan will replace Steinhafel, who struggled with the fallout of a massive security break that affected millions of shoppers.
Steinhafel told the retailer's board of directors that his decision was part of the company's wider plan to move on from the data breach.
"The last several months have tested Target in unprecedented ways," Steinhafel said in a letter. "We have already begun taking a number of steps to further enhance data security, putting the right people, processes and systems in place. With several key milestones behind us, now is the right time for new leadership at Target."
Target chose Internet security veteran Bob DeRodes to lead the retailer's technology division and operations on April 29. He's also been selected to create the company's future information technology and digital plan. Roxanne Austin will serve as Target's nonexecutive chairwoman. Austin is a member of the retailer's board of directors.
DeRodes said he is ready to resurrect the retailer's image.
"I look forward to helping shape information technology and data security at Target in the days and months ahead," DeRodes said in a statement. "It is clear to me that Target is an organization that is committed to doing whatever it takes to do right by their guests."
Hackers reportedly took forty million credit and debit account numbers from Target customers between Nov. 27 and Dec. 15, 2013 according to a press release from the company.
The incident spanned Target stores throughout the United States, Krebs on Security reported.
Affected customers received a 10 percent discount, along with a year's worth of credit monitoring and identify theft protection.
Steinhafel will stay on as an advisor throughout Mulligan's transition, according to the press release.
Steinhafel led the company for 35 years.
