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Target CEO resigns in the wake of data breach

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Five months after a data breach that compromised credit card data for 40 million customers, Target CEO Gregg Steinhafel has agreed to step down from his position running the retail giant. Steinhafel is also stepping down from his positions as president and chairman, and giving up his seat on the board of the company. Chief Financial Officer John Mulligan is expected to take over as president until a successor can be found. In March, the company's chief technology officer resigned over the breach.

No one from Target has officially linked Steinhafel's departure with the data breach, but given the timing, there's little doubt that the scandal brought about today's resignation. Target had come under particular fire for lax security practices and ignoring specific warnings in the months leading up to the breach. The total cost to banks and credit unions has been estimated at over $200 million.