Gregg Steinhafel, the brother of Pewaukee-based Steinhafels Inc. president Gary Steinhafel, stepped down earlier this year as the chief executive officer of Target Corp. after the Minneapolis-based big-box retail chain was rocked by a data breach in 2013 that affected up to 110 million customers.
Gregg Steinhafel’s resignation ended a 37-year career at Target.
“He started right out of Kellogg (School of Management at Northwestern University) as an assistant buyer and he worked all the way up to CEO,” Gary Steinhafel said. “A lot of the success of Target, I think Gregg had a key role in that.
“Unfortunately in business, as you know, when you become leader of a big company, the buck always stops with the CEO,” Gary Steinhafel said. “There were a few situations that were maybe bad timing or unfortunate including, obviously, the credit breach which has now hit many other companies.”
Gregg Steinhafel did not want to continue as CEO of Target without unanimous support from the company’s leadership, his brother said.
“He was not somebody that dug his heels in,” Gary Steinhafel said. “(He realized) it might be the right time for change, so he left peacefully.”
Gregg Steinhafel is not involved with the family furniture business, Gary Steinhafel said.
“I think he decided he wanted to take a breath,” Gary Steinhafel said. “He’s enjoying traveling and just handling his personal investments. Gregg and I are very close. We talk frequently. He’s had a wonderful career. He needs to look back at all the positives, and he has. He’s in a really good place. He’s happy, he’s feeling good. He’s doing fine. He wishes, I’m sure, the best for Target.”
