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Target board member resigns to become Ulta CEO

MINNEAPOLIS (AP) -- Target Corp. said Monday that Mary Dillon has resigned from its board, effectively immediately.

Dillon's resignation stems from her appointment as CEO of beauty products company Ulta Salon, Cosmetics & Fragrance Inc. She previously served as president, CEO and a board member at wireless carrier U.S. Cellular since June 2010.

Dillon, 52, had served on Minneapolis-based Target's board since 2007, Target said.

Target shares fell 19 cents to $68.64 in afternoon trading.