Ulta Beauty announced that chief executive Dave Kimbell has retired after 11 years in the role, and company veteran Kecia Steelman has succeeded Kimball with the title of president and CEO.
At the same time, Ulta updated its financial outlook after reporting a strong holiday season for the retailer.
Steelman, who has served in a variety of executive roles with the company since 2014, Steelman, most recently served as president and COO. She also has joined the Ulta board of directors. Kimbell will serve as an Ulta advisor through June 28, the company noted.
Citing the Ulta board’s “robust succession planning process,” Lorna Nagler, the company’s board chairman, said. “Kecia is a world-class business executive with deep beauty and retail expertise, an unwavering commitment to effective execution, and a profound passion for our guests and associates. She has been instrumental in developing our recently refreshed strategic framework, and we are confident that she is the right person to lead Ulta Beauty forward.”
As a reflection of better-than-expected performance during the holidays, Ulta has increased its fourth quarter forecast. Based on sales performance quarter-to-date, the company now expects comparable sales will increase modestly and operating margin will be above the high-end of the company’s previous expected range of 11.6% to 12.4% of sales for the fiscal 2024 fourth quarter.
