TIMELINE-Target CEO steps down after data breach rocks retailer

Mon May 5, 2014 12:00pm EDT
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May 5 (Reuters) - Target Corp removed Chief Executive Gregg Steinhafel on Monday in the wake of a devastating data breach that hurt the No. 3 U.S. retailer's profits, shook customer confidence in the company and prompted congressional hearings.

Following are the developments leading up to the exit:


Dec. 18 - A security industry blog reports that payment card data were stolen from an unknown number of Target customers, starting on the busy Black Friday weekend.

Dec. 19 - Target says hackers have stolen data from up to 40 million credit and debit cards of shoppers.

Dec. 20 - Steinhafel seeks to reassure customers that it was safe to shop at the company's stores and offers 10 percent discounts on the last weekend before Christmas.

Investigators believe that overseas hackers were responsible, a source tells Reuters.

Lawyers and industry sources say that the theft could end up costing hundreds of millions of dollars, but it was unclear who would bear the expense.   Continued...