Target says pay for ousted CEO too high

Bowing to shareholder complaints that Target CEO Gregg Steinhafel's pay was too high, Target's board of directors slashed his 2013 compensation by 37 percent and said the since-fired executive will have to pay back more than $5.4 million in retirement benefits.

In his last full year as CEO, Steinhafel earned $12.9 million, down from $20.6 million in 2012, according to a USA Today report.

A 35-year Target veteran, Steinhafel was ousted May 5 in the fallout of a computer hacking scancal that affected many of the company's customers.

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