Target CEO steps down

Vanessa Nyarko

Early Monday, Target’s board of directors issued a statement announcing that, after “extensive discussions,” it is the “right time for new leadership,” reported the Star Tribune.

35-year Target veteran Greg Steinhafel has resigned.

Steinhafel led Target through the 2008 recession but suffered missteps including the recent data breach, its foray into Canada and execution of its online strategy, reported the Star Tribune.

For the first time in its history, it’s looking outside the company to fill its top job, reported the Pioneer Press.

Many analysts think it needs to agree that Target needs to look for outside leadership, reported the Pioneer Press.