Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Shares  >  Nyse  >  Target Corporation    TGT

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 
The feature you requested does not exist. However, we suggest the following feature:

Ashley Madison parent CEO quits after huge infidelity data hack

08/28/2015 | 01:21pm US/Eastern
Ashley Madison founder Noel Biderman poses with a poster during an interview in Hong Kong

The chief executive of infidelity website Ashley Madison's parent company Avid Life Media has left, just over a week after hackers leaked data about millions of its clients in a massive cyber assault.

Avid Life said on Friday the departure of Noel Biderman was by "mutual agreement" and its existing senior management team would take over until a new CEO is appointed.

On Aug. 18, hackers who claimed to be unhappy with its business practices released the Ashley Madison customer data, and police probing the breach said it had sparked extortion attempts and at least two unconfirmed suicides.

The data dump contained email addresses of U.S. government officials, UK civil servants and workers at European and North American corporations, taking already deep-seated fears about Internet security and data protection to a new level.

"This change is in the best interest of the company and allows us to continue to provide support to our members and dedicated employees," the Toronto-based company said.

Biderman, styling himself the "King of Infidelity," had been the company's primary pitchman but the married father of two has not made any public appearances since the attack.

His exit could help appease investors and business partners but would do little to placate subscribers or the public, said Dan Hill, president of strategic communications firm Ervin Hill Strategy.

"Given the number of battles they are fighting that are so significant and high profile, I don't see how this is going to move the needle for them," he said.

He said Avid Life would have to find a replacement fast.

"You can't run an organization through a crisis by committee," he said.

Biderman founded Ashley Madison in 2001 and Avid Life Media acquired it in 2007.

A second data dump by the hackers released thousands of Biderman's emails and other company documents.

Reuters could not independently verify the authenticity of the data, emails or documents.

To date, few top executives have lost their jobs after big cyber breaches.

Sony Pictures America co-chairman Amy Pascal stepped down in February after last year’s devastating breach at Sony Corp’s (>> Sony Corp) Hollywood studio and Target Corp (>> Target Corporation) replaced its CEO last year in the wake of a 2013 breach that exposed records of tens of millions of the retailer's customers.

Cyber security firm Veracode Chief Technology Officer Chris Wysopal said he expects such ousters to become more common.

"Breaches are huge financial issues, even existential issues for companies. They are getting bigger and more impactful to the companies being breached,” he said.

(Additional reporting by Jim Finkle in Boston; Editing by Chizu Nomiyama and James Dalgleish)

By Alastair Sharp

Stocks treated in this article : Target Corporation, Sony Corp
React to this article
Latest news on TARGET CORPORATION
08/28 Ashley Madison parent CEO quits after huge infidelity data hack
08/28 Insight - U.S. retailers prod China for lower prices after devaluation
08/27 TARGET : Reports Second Quarter 2015 Earnings
08/27DJDollar General Profit Rises on Higher Sales
08/27DJDollar General Earnings Edge Above Expectations, But Sales Miss
08/27 TARGET : and Sonia Kashuk Introduce a Beautiful New Way to Fight Breast Cancer Y..
08/27DJDollar General Earnings Edge Above Expectations
08/26 Gap to end 'on-call' shifts for workers
08/25 TARGET : Credit card ring focused on Target customers
08/25 TARGET : Management's Discussion and Analysis of Financial Condition and Results..
Advertisement
Chart
Duration : Period :
Target Corporation Technical Analysis Chart | TGT | US87612E1064 | 4-Traders
Income Statement Evolution
More Financials