"Today we are announcing that, after extensive discussions, the board and Gregg Steinhafel have decided that now is the right time for new leadership at Target," the board said in a statement released on Monday.
The company has appointed its chief financial officer, John Mulligan, as interim president and chief executive. Board member Roxanne S. Austin has been appointed as interim non-executive chair of the board.
During the transition, Steinhafel will serve as an adviser.
Target announced in December it was the victim of a cyber attack that resulted in the theft of at least 40 million payment card numbers and 70 million other pieces of customer data.
Copyright 2016 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.