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Target’s Board of Directors announced the departure of the company’s Chairman, President and CEO Gregg Steinhafel in the wake of the headline making data breach that exposed account details of more than 100 million customers late last year.

“Today we are announcing that, after extensive discussions, the board and Gregg Steinhafel have decided that now is the right time for new leadership at Target. Effective immediately, Gregg will step down from his positions as Chairman of the Target board of directors, president and CEO,” the Board said in a statement.

“John Mulligan, Target’s chief financial officer, has been appointed as interim president and chief executive officer. Roxanne S. Austin, a current member of Target’s board of directors, has been appointed as interim non-executive chair of the board. Both will serve in their roles until permanent replacements are named. We have asked Gregg Steinhafel to serve in an advisory capacity during this transition and he has graciously agreed.”

The decision come just one week after the company announced the appointment of Bob DeRodes as Chief Information Officer and provided details on the security enhancements the company has implemented, which includes plans to incorporate MasterCard chip-and-PIN technology across their REDcard portfolio.

Steinhafel’s ouster follows that of Target’s previous CIO Beth Jacob, who resigned in early March as a result of the breach which was first disclosed on December 19, and is believed to have lasted from at least Black Friday through December 15th, 2013.

“The board is deeply grateful to Gregg for his significant contributions and outstanding service throughout his notable 35-year career with the company. We believe his passion for the team and relentless focus on the guest have established Target as a leader in the retail industry,” the statement continued.

“Gregg has created a culture that fosters innovation and supports the development of new ideas. Under his leadership, the company has not only enhanced its ability to execute, but has broadened its strategic horizons. He also led the company through unprecedented challenges, navigating the financial recession, reacting to challenges with Target’s expansion into Canada, and successfully defending the company through a high-profile proxy battle.”

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