Target ex-CEO gets $15.9 million severance package - KMSP-TV

Target ex-CEO gets $15.9 million severance package

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MINNEAPOLIS (KMSP) -

Former Target Corp. CEO Gregg Steinhafel will be given a severance package worth $15.9 million, according to documents filed Monday with the Securities and Exchange Commission.

Steinhafel resigned May 5 in the wake of a giant malware attack that compromised the credit and debit card information of 40 million customers. Personal information for an additional 70 million Target customers was also believed to have been compromised.

"We have already begun taking a number of steps to further enhance data security, putting the right people, processes and systems in place,” Steinhafel wrote in a letter to board members. “With several key milestones behind us, now is the right time for new leadership at Target.”

The ex-CEO’s severance package includes a $21.3 million payment, but he is required to give back $5.4 million in early retirement benefits. Target could also get back more of the severance is Steinhafel takes a job with a competitor.

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