By Zoe Szathmary Gregg Steinhafel, who stepped down from his position as President and CEO of Target earlier this month in the wake of last year's data breach and the company's shaky Canadian expansion, will receive an estimated $15.9million in his severance package. Target released the numbers in its annual proxy statement filed with the Securities and Exchange Commission on Monday. Fired: Ex-Target CEO Gregg Steinhafel, pictured, will receive a severance package worth an estimated $15.9million Steinhafel will receive $7.2million in severance payments and nearly $10million from an 'officer deferred compensation plan' Target froze in 1996. Steinhafel was eligible because he joined the company in 1979. The severance package also includes nearly $4million in stock.
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Gregg Steinhafel's severance package is worth an estimated $15.9million
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Steinhafel stepped down from his position as President and CEO on May 5
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Will continue to receive his FULL salary and benefits while he works as a company advisor through August 23
Despite these amounts, @placeholder will have to pay back $5.4million in retirement benefits.