Tag Archives: John Mulligan

Target Q2 Net Falls 61.7 Percent

Target, Facebook Align for Cartwheel App

MINNEAPOLIS-Target’s second-quarter net income plummeted by 61.7 percent to $234 million, as the retailer continues to struggle with its operations and the expenses related to the breach of data from shoppers’ payment cards which occurred in December. During the quarter, which ended on Aug. 2, Target incurred breach-related expenses of $148 million, including an increaseMore »

Last updated: August 20, 2014

Target Data-Breach Expenses Expected to Total $148 Million in Q2

Target

MINNEAPOLIS-In a preliminary statement about its second-quarter financial results, Target said it expects those results to include gross expenses of $148 million related to the December 2013 breach of data about shoppers’ payment cards and other information. These costs will be partially offset by a $38 million insurance receivable, also related to the data breach,More »

Last updated: August 5, 2014

Target Tabs PepsiCo’s Cornell as New Chief

Brian Cornell

MINNEAPOLIS-Target has named Brian Cornell, former CEO of PepsiCo Americas Foods, as its new chairman and CEO, succeeding Gregg Steinhafel, who left the mass merchant in May. Cornell will assume his new post on Aug. 12. According to a Target statement, his first priorities will be “accelerating the company’s performance and advancing Target’s omnichannel evolution.”More »

Last updated: July 31, 2014

Target Q1 Net Falls 16 Percent

Target

MINNEAPOLIS-Target’s first quarter ended with a 16 percent drop in net income, to $418 million, as the mass merchant slowly deals with the data-breach scandal and the departures of two top-level executives. On May 5, Gregg Steinhafel resigned as chairman, president and CEO, in the wake of the hacking of credit-card information of Target customers,More »

Last updated: May 21, 2014

Steinhafel Steps Down as Target Chief

Gregg Steinhafel

MINNEAPOLIS-Gregg Steinhafel, Target’s chairman, president and CEO, has resigned effective today, ending his 35-year career with the retailer. A statement from the Target board of directors, issued today, said Steinhafel and the board mutually agreed to end his tenure after “extensive discussions.” A letter written by Steinhafel to the board obtained by HFN said heMore »

Last updated: May 5, 2014