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.
More Must-Reads From TIME
- The 100 Most Influential People of 2024
- The Revolution of Yulia Navalnaya
- 6 Compliments That Land Every Time
- What's the Deal With the Bitcoin Halving?
- If You're Dating Right Now , You're Brave: Column
- The AI That Could Heal a Divided Internet
- Fallout Is a Brilliant Model for the Future of Video Game Adaptations
- Want Weekly Recs on What to Watch, Read, and More? Sign Up for Worth Your Time
Contact us at letters@time.com