USA Today reported today on March 6, 2014 that Beth Jacob, the Chief Information Officer of the Target Corporation, has resigned in light of the security breach of millions of Target customers back in December of 2013. The resignation took place yesterday and is effective immediately.
VentureBeat.com is reporting this morning, March 6, 2014, that according to Jacob’s bio on the Target Website, the former CIO had a degree in retail merchandising and a master’s in business administration. Oddly, Jacob there is no mention of any sort of computer science background which one could expect for the CIO of a major corporation like Target.
Steven Kirn of the Miller Retailing Center of the University of Florida has stated to Venturebeat:
“Target has to take some public steps to say ‘we take this seriously,”
Jacob has help the position since 2008, and Target CEO, Gregg Steinhafel, is said to be looking outside the company for a replacement. He is also said to be searching for a new Chief Compliance Officer as well, perhaps in an attempt to rebuild the brand name and salvage customer credibility.
Target’s fourth quarter earnings have dropped by as much as $61 million dollars, by some reports, which is a certain sign that customers are still somewhat skeptical that the security issue has been adequately resolved. The company’s net income fell some 46% from the same timeframe of the previous year, and the stock is still taking a hit on Wall Street, down another 1.19% per share yesterday alone.
Jacob did not provide a reason in her resignation letter to Steinhafel, nor did she site any reference to the security breach scandal.