Target Corp. fired its CEO, Gregg Steinhafel, following a disastrous data breach that compromised millions of customers’ data, a bungled expansion into Canada, and sliding financial performance overall.
Steinhafel, however, was no Ron Johnson, who befell a similar fate at J.C. Penney. He was a 35-year veteran of the company who was simply suffering setbacks. Johnson, by contrast, embarked on risky strategies that nearly took the retailer down.
Target now has no idea who will replace Steinhafel, and thanks to a soft economy, the retail industry is littered with underperforming top executives. Odds are good it won’t be able to find anyone better to run the company, and a new CEO is no guarantee that the Target’s computers won’t be hacked again or that the malaise that’s affecting most retailers won’t continue.
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