Roxanne Austin

In advance of next week's annual shareholders’ meeting, Target defended its management and oversight of customer data despite the extensive hacking it experienced last year. In a letter to shareholders filed with the Securities and Exchange Commission, Roxanne Austin, the interim chairwoman of Target's board, listed steps the company had taken toward increasing information security since the breach last year, and described the security apparatus in place before the attack. "Breaches are occurring across the economy and are affecting a wide range of victims including the U.S. government, technology and defense industries, and more traditional companies, like retailers." 

Target said Monday that Chief Executive and Chairman Gregg Steinhafel is leaving in the wake of the devastating data breach late last year that hurt profits, shook customer confidence in the No. 3 U.S. retailer and prompted congressional hearings. "After extensive discussions, the board and Gregg Steinhafel have decided that now is the right time for new leadership at Target," Target's board said in a statement released on Monday. Target named Chief Financial Officer John Mulligan as interim president and CEO, and Roxanne Austin, a current member of Target's board of directors, as interim non-executive chair of the board.