TIME compensation

Target’s Ousted CEO Will Make $15.9 Million in Severance

Target Bob DeRhodes
Exterior signage of the Target Store in Torrance, Calif. Patrick T. Fallon—Bloomberg/Getty Images

The man who led Target during a data breach that compromised the personal information of as many as 110 million customers will make $15.9 million through his severance package, according to a newly released SEC filing.

Greg Steinhafel, who worked at Target for 35 years and was named CEO in 2008, was fired from the company earlier this month following last fall’s massive data breach, in which hackers stole credit and debit card information for 40 million Target customers and names, phone numbers, addresses or email addresses of 70 million customers. The breach was one of the largest security lapses in corporate history.

The monetary package is a combination of direct severance pay, pension funds and vested stock awards. In addition to the $15.9 million, Steinhafel will continue to draw his base annual salary of $1.5 million, as well as benefits, while he serves in an advisory role until August. In 2013 Steinhafel earned $13 million in total compensation, down from $20.6 million the previous year.

Target is not yet done reshuffling its executive suite. Today the company announced that it was firing the president of its Canadian division and realigning its merchandising team in the U.S. to improve performance.

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