Target is still wrestling with the aftermath of last year's massive electronic security breach,exposing the personal information of more than 110 million customers to cyber criminals.Now its CEO Gregg Steinhafel has resigned after his 35 years of service with the company.
That this looks like it was preventable is pretty distressing,said Jeff Sonnenfeld of the Yale School of Management.They definitely need the expertise of new Chief Information Officer Bob DeRodes,former tech advisor to the Department of Homeland Security,who also has experience at Home Depot and other great retailers.The forays into Canada with the opening of 24 stores were also disappointing,along with the El Nino winter weather or whatever it was.
As to the Target board of directors,John Stumpf,CEO of Wells Fargo,is a banker's banker,very much on top of his game.Ann Mulcahy,former Xerox CEO,is not the kind of person who would act abruptly unless it was necessary.*
Target's customer credit and debit card data was hacked into during the holiday season 2013 cyber attack.The nation's second largest retailer has suffered from a slump in sales and stock price in the wake of the cyber disaster.Besides hiring a new CIO and searching for a new CEO,the Minneapolis-based company plans to switch to state of the art chip-and-PIN card security.*
Target Stores,Inc(TGT)
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