Security Experts:

Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Management & Strategy

Target Appoints New CIO, Continues Payment Security Initiatives

Target Corp.

Target Corp. announced on Tuesday that it has named Bob DeRodes as CIO, who will be tasked with guiding the company’s information technology transformation following the massive data breach late last year that exposed millions of customer payment card numbers and hurt company profits.

DeRodes will assume the role of executive vice president and CIO effective May 5, following the departure of former CIO Beth Jacob, who resigned in early March.

In his role, DeRodes will assume oversight of the company’s technology team and operations, with responsibility for the ongoing data security enhancement efforts as well as the development of Target’s long-term information technology and digital roadmap.

Target is still searching for a chief information security officer (CISO) and a chief compliance officer, the company said.

“Establishing a clear path forward for Target following the data breach has been my top priority. I believe Target has a tremendous opportunity to take the lessons learned from this incident and enhance our overall approach to data security and information technology. Bob’s history of leading transformational change positions him well to lead our continued breach responses and guide our long-term digital strategy,” said Gregg Steinhafel, Target chairman, president and chief executive officer.

DeRodes comes to Target with more than 40 years of experience in information technology, data security, and business operations. He has been a senior information technology advisor for the Center for CIO Leadership, the U.S. Department of Homeland Security, the U.S. Secretary of Defense, and the U.S. Department of Justice.

DeRodes has also held top technology positions at a number of companies including CitiBank, USAA Federal Savings Bank, First Data, Home Depot and Delta Air Lines. He currently serves on the board of directors for NCR Corporation.

Since the initial confirmation of the data breach, Target said that it has taken significant actions to strengthen security across the network, and that further enhancements would continue under DeRodes leadership.

“I look forward to helping shape information technology and data security at Target in the days and months ahead,” DeRodes said in a statement.

In addition to naming DeRodes the company’s new CIO, Target also announced a significant new initiative as part of the company’s accelerated $100 million plan to move its REDcard portfolio to chip-and-PIN-enabled technology and to install supporting software and next-generation payment devices in stores. 

The retail giant said that beginning in early 2015, its entire REDcard portfolio, including all Target-branded credit and debit cards, would be enabled with MasterCard’s chip-and-PIN solution. Eventually, all of Target’s REDcard products will be chip-and-PIN secured, the company said. The new payment terminals will be in all 1,797 U.S. stores by this September, six months ahead of schedule.

“Target has long been an advocate for the widespread adoption of chip-and-PIN card technology,” said John Mulligan, executive vice president, chief financial officer for Target. “As we aggressively move forward to bring enhanced technology to Target, we believe it is critical that we provide our REDcard guests with the most secure payment product available. This new initiative satisfies that goal.”

Target also said that in March it joined the Financial Services Information Sharing & Analysis Center (FS-ISAC), an organization formed by the financial services industry to help facilitate the detection, prevention, and response to cyber attacks and fraud activity.  

Written By

For more than 10 years, Mike Lennon has been closely monitoring the threat landscape and analyzing trends in the National Security and enterprise cybersecurity space. In his role at SecurityWeek, he oversees the editorial direction of the publication and is the Director of several leading security industry conferences around the world.

Click to comment

Expert Insights

Related Content

Application Security

Cycode, a startup that provides solutions for protecting software source code, emerged from stealth mode on Tuesday with $4.6 million in seed funding.

Management & Strategy

Industry professionals comment on the recent disruption of the Hive ransomware operation and its hacking by law enforcement.

Management & Strategy

SecurityWeek examines how a layoff-induced influx of experienced professionals into the job seeker market is affecting or might affect, the skills gap and recruitment...

Management & Strategy

Tens of cybersecurity companies have announced cutting staff over the past year, in some cases significant portions of their global workforce.

Funding/M&A

Twenty-one cybersecurity-related M&A deals were announced in December 2022.

Management & Strategy

Microsoft making a multiyear, multibillion dollar investment in the artificial intelligence startup OpenAI, maker of ChatGPT and other tools.