Mary N. Dillon, who had served on Target's (NYSE:TGT) board of directors since 2007, has resigned from the board, effective immediately, in connection with being named chief executive officer for fragrance and cosmetics retailer Ulta.

Target CEO Gregg Steinhafel said he was grateful for Dillon's work on the board and wished her well in the future. "As an active member of our Board for the past six years, Mary has made many contributions to Target. We appreciate her service and wish her the best in her future endeavors."

Dillon previously served as Chief Executive Officer for the wireless telecommunications company US Cellular. Dillon has also served in executive positions at PepsiCo, McDonald's,  and Quaker Foods, as well as acting as chair and executive committee member for CTIA -- The Wireless Association. Target has not yet announced its pick for a new board member.

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Fool contributor Caroline Bennett has no position in any stocks mentioned. The Motley Fool recommends McDonald's, PepsiCo, and Ulta Salon, Cosmetics & Fragrance. The Motley Fool owns shares of McDonald's, PepsiCo, and Ulta Salon, Cosmetics & Fragrance. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.