Stay tuned for Target’s earnings report on May 21. Surely that had something to do with the abrupt firing on Monday of company Chairman, President, and CEO Gregg Steinhafel.
After all, Steinhafel kept his job after profits in the last quarter of 2013 fell by 46%, a drop attributed in part to a devastating data breach by unknown hackers that compromised the personal information of tens of millions of consumers who used credit or debit cards at Target.
In fact, it has been five months since the data breach was first reported, and nobody knows how long it might take the retail giant to regain the trust of its consumers and investors.
Target’s stock is still down nearly 6% since the disclosure of the hacker attack. It closed down 3.45%, at $59.87, on Monday after the announcement of Steinhafel’s departure.
The company has taken other measures that might help restore confidence over time, including a decision to move up the timing of the introduction of a more secure credit card system.
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