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By Michael Greene
Nov. 13 — Continuing to grapple with fallout from its 2013 data breach, Target Corp. announced Nov. 6 that it has hired Jacqueline Hourigan Rice as its new senior vice president, chief risk and compliance officer.
Rice will be leaving General Motors Co. where she served as the company's chief compliance officer.
Target's move continues the company's shakeup of senior management after the company's 2013 data breach. Earlier this year, Gregg W. Steinhafel resigned as chief executive officer and president. The company chose PepsiCo. Inc. executive Brian Cornell to take over as chairman and CEO effective Aug. 21.
As of Aug. 2 estimates, the company has accrued $146 million dollars in expenses related to the breach.
Cornell said in a statement on the company's website regarding the Rice hiring, “[e]arlier this year, Target stated our commitment to overhaul our information security and compliance structure and practices, and with that came the need to elevate the role of key positions in the company.”
He added, “Jackie is a proven leader with solid global experience and I know she has what it takes to help us move forward in this complex and ever-changing environment.”
GM currently is involved in its own controversy. During a nine-year span, the automaker has spent $680 million to repair defective ignition switches in 2.6 million cars and $325 million to rework or replace ignition keys in 12.1 millions cars, according to an Oct. 23 regulatory filing.
The company is fighting two class action lawsuits regarding the ignition flaws (see related story, page 1485).
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Target's announcement is available at http://pressroom.target.com/news/target-names-jacqueline-hourigan-rice-as-senior-vice-president-chief-risk-and-compliance-officer.
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