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UPDATE 1-Target looks for new CIO in technology overhaul

NEW YORK, March 5 (Reuters) - Target Corp said Chief Information Officer Beth Jacob resigned and it would look externally for an interim CIO as the retailer plans an overhaul of its information security practices in the wake of a massive data breach late last year.

The third-largest U.S. retailer said last week customer traffic had started to improve after falling significantly at the end of the holidays when news of the cyber attack and theft of payment card data spooked shoppers.

Target Chief Executive Gregg Steinhafel said in an emailed statement that the company also plans to elevate the role of chief information security officer. The company will look externally to fill that position and that of chief compliance officer.

"We are also working with an external adviser, Promontory Financial Group, to help us evaluate our technology, structure, processes and talent as a part of this transformation," Steinhafel said.

The company's shares were down less than a percent at $60.85 in late-morning trading on the New York Stock Exchange.