Target to adopt MasterCard chip-and-PIN technology by 2015; names new CIO

Minneapolis -- Target Corp. named veteran IT executive Bob DeRodes as chief information officer. The retailer also announced that it plans to incorporate MasterCard chip-and-PIN technology across its Target-branded REDcard portfolio by early 2015, and is converting existing payment terminals at its stores this year ahead of schedule.



DeRodes replaces Beth Jacob, who left the chain in early March in the wake of Target’s massive pre-Christmas data breach. He has 40 years of experience in information technology, and has been a senior information technology adviser 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. He will assume oversight for the company's technology team and operations, effective May 5, with responsibility for the ongoing data security enhancement efforts as well as the development of Target’s long-term information technology and digital initiatives.



Regarding its rollout of MasterCard’s chip-and-PIN solution across its branded credit card portfolio, Target said that its existing co-branded cards will be reissued as MasterCard co-branded chip-and-PIN cards. Ultimately, all of Target’s REDcard products will be chip-and-PIN secured.



Earlier this year, Target announced an 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 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 VP, CFO, 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.”



The company said it will continue its search for a chief information security officer and a chief compliance officer.