January 12, 2014 - TargetGrunt
“Tough Times” for Target?
I was doing some reading online earlier today when I came across an article (which I will link below) about the newest update on the breach. For those out of the loop, the names, (email) addresses, phone numbers (and possibly SSNs) of 70 million additional customers were included in the stolen data. That brings the total up to 110 million, roughly 35% of the US population (or 317,353,904 according to http://www.census.gov/popclock/).
Leon Nicholas, an analyst for Kantar Retail in Boston, said that Target may need to “re-orient” management to “own the narrative again,” that “they can do it. But these are tough times for Target.”
Tough times? Really?
Let’s put a few things into perspective here.
According to Businessweek’s fiscal reports, Target ended 2013 with $21.57 billion in profit even after the effects of the breach. Total the company grossed $73.30 billion, a $4 billion improvement.
On top of this, Gregg Steinhaffel’s compensation package (which was $19.7 million in 2011) has been increased up to a whopping $28.62 million. His punishment for risking the leak of personal customer information by storing data in plain-text (with the exception of the PINs, which were encrypted) was a pay raise.
The best part about all of this though, is Target’s decision to close eight US stores in March, presumably to absorb the cost of legal fees and fines. They “claim” that they’ll find positions equivalent to those held by the current employees, but those of us on this site know just how well Target likes to look out for its employees. And I don’t know about your stores, but at my store hours are practically nonexistent. People are being told not to come in, sent home early, etc.
So on top of none of the executives being held accountable for their lackluster concern for consumers, us at the bottom are being punished. I’m hard-pressed to even call their “credit monitoring” a sign of goodwill.
So I ask you this: when is enough, enough? I can’t be the only one who is enraged at how little these CEOs care about those who make their companies function, but other than vent about it on here, I don’t know what to do. There’s got to be a way to stand up and rebel, or contact these smug assholes directly.
And to those of you reading who shop at Target: they do not care that your information was stolen. They only care about the bottom line.
Anyways, here’s the article that spawned this rant: http://www.businessweek.com/news/2014-01-10/target-s-ceo-buffeted-as-breach-lessens-tarjay-cachet-retail
And here’s where I got the rest of the info:
http://www.forbes.com/profile/gregg-steinhafel/ (2011 compensation)
Oh, and lastly and most sincerely, fuck Target.