Under his [Steinhafel's] leadership, the company has not only enhanced its ability to execute, but has broadened its strategic horizons," Target noted in a statement. "He also led the company through unprecedented challenges, navigating the financial recession, reacting to challenges with Target's expansion into Canada, and successfully defending the company through a high-profile proxy battle."
Ultimately, however, it was the December 2013 data breach that painted a target on Steinhafel's back.
"He held himself personally accountable and pledged that Target would emerge a better company," Target stated.
Just last week, Steinhafel was publicly active in his efforts to move Target forward with new security initiatives. Ironically, while today Steinhafel is stepping down as Target's CEO, it is also the day that the company's new CIO, Bob DeRodes, officially starts. DeRodes replaces former Target CIO Beth Jacob, who resigned her post on March 5 as part of the breach fallout.