1. Market Data
March 5, 2014

Target announces exit of its CIO

US retailer Target has announced that its chief information officer (CIO) Beth Jacob has resigned in a first high-profile exit since the retailer suffered a massive data breach in December last year.

By Rohit

US retailer Target has announced that its chief information officer (CIO) Beth Jacob has resigned in a first high-profile exit since the retailer suffered a massive data breach in December last year.

The announcement comes as the retailer is streamlining its network security and compliance systems.

The data breach in December 2013 affected up to 110 million customers of Target, with some 40 million credit and debit card records containing personal information such as addresses and telephone numbers reported stolen.

Target CEO Gregg Steinhafel said, "While we are still in the process of an ongoing investigation, we recognize that the information security environment is evolving rapidly.

"To ensure that Target is well positioned following the data breach we suffered last year, we are undertaking an overhaul of our information security and compliance structure and practices at Target."

The company also stated that it plans to recruit chief information security officer and a chief compliance officer.

It is currently working with Promontory Financial Group as it evaluates technology, structure, processes, and talent.

Last month, Target has unveiled plans to speed-up adoption of chip-enabled smart cards through a $100m programme by early 2015.

For the three-month period ending 1 February, the retailer reported 46% drop in earnings to $520m.