Gregg Steinhafel, the chairman and CEO of Target, has left the company effective immediately.
The company announced that the decision was made after "extensive discussions" between Steinhafel and the board, said CNN Money.
Chief Financial Officer John Mulligan will serve as interim CEO, while board member Roxanne Austin will serve as interim non-executive chair of the board.
Steinhafel, who had been with Target for 35 years, will serve in an advisory capacity during the transition to a permanent CEO, said CNN Money."Now is the right time for new leadership at Target," Steinhafel wrote in a letter to the board, saying the company has taken steps to recover from the data breach from late last year.