Alicia Sotherland

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far short of expectations. The company reported a loss of nearly $1 billion in Canada in 2013 on sales of $1.3 billion.

"Clearly Vans Dark Blue Girls the data breach was not good publicity . but in terms of an executive decision from a strategy point, the entry in Canada has really not gone the way company planned," he said. retailer. Maxx and Marshalls chains.

Target's shares fell as much as 3% in morning trading.

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Steinhafel, 59, had been Target's CEO since 2008.

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Steinhafel's exit follows the departure of Chief Information Officer Beth Jacob in March.

Target disclosed in December that a cyber attack had resulted in the theft of at least 40 million payment card numbers and 70 million other pieces of customer data.

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Target's shares were down 2.9% at $60.17 in late morning trading. In the year up to Friday's close, the stock had fallen 13.8%, while the S 500 rose 15.6%.

The company's push into Canada has also proven to be costlier than expected and sales have fallen Mbt Shoes Women

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Target spokeswoman Dustee Jenkins said Mulligan had been selected as interim CEO because of his role in helping the company respond to the breach. "We believe he is suited for this. He has played a key role in the recovery efforts," she said.

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Analyst Ken Perkins of investment research firm Morningstar said the performance in Canada would have contributed to Steinhafel's departure.

"After extensive discussions, the board and Gregg Steinhafel have decided that now is the right time for new leadership at Target," the company's board said in a statement.

The Minneapolis based company named Chief Financial Officer John Mulligan as interim chief executive, and Roxanne Austin, a member of Target's board of directors, as interim non executive chair of the board.

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Overall, the company reported a 34% drop in net profit last year to $1.97 billion.

Corp. removed Chairman and Chief Executive Gregg Steinhafel on Monday in the wake of a devastating data breach that hurt the No. retailer's profits, shook customer confidence in the company and prompted congressional hearings.

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The departure of the 35 year company Mbt Shoes Online

veteran also follows Target's botched multi billion dollar expansion into Canada.

Target removes CEO

The company said it has hired executive recruiting firm Korn Ferry to help the board find a new CEO. Steinhafel will stay on in an advisory role until a permanent replacement is found. retail environment.

The company last week named high profile information technology consultant Bob DeRodes as her replacement. . Target is still looking for a chief information security officer, a new role.

The impact of the breach is expected to have continued into the first quarter of the year. Analysts on average expect the company to report a fall of about 1% in first quarter same store sales when it releases results in two weeks, according to Thomson Reuters I/B/E/S.

Brian Sozzi, chief executive of Belus Capital Advisors, said he thought Steinhafel's exit was a few months overdue. "I think the news today reflects Target's initiative to completely get behind this issue," he said, referring to the data breach.

Mulligan has been the company's chief spokesman on the issue, testifying at several congressional hearings where he was grilled for details about Target's security operations, how it learned of the breach and how quickly it notified the public.

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