Target has fled Canada. The sinking business in the Great White North failed to generate a profit after the company was plagued by poor customer service and empty shelves. Canadians voted with their wallets after the CEO of Target, Gregg Steinhafel, accepted responsibility for the massive credit card data breach in 2013, which left Target customers’ trust in tatters.
The incident involved up to 110 million customers’ personal information, including private mailing addresses, telephone numbers and email addresses along with the customers’ names, hacked in a data breach. Profits plummeted, with a reported loss of $2 billion.
To add insult to injury to the almost 18,000 Canadian employees left with only a 16 week severance pay, Steinhafel received a whopping $61 million payout in the form of his pension, stock options and a severance of approximately $16 million.
It is reflective of the widening gap between the ‘ground worker’ and CEO. Where the average worker sits on just under an annual wage of $35,000 and the average CEO earning around the $12 million mark.