Ulta Beauty CEO Dave Kimbell to Retire, Replaced by COO Kecia Steelman
Ulta Beauty announced on Monday that CEO Dave Kimbell will be retiring and will be replaced by Chief Operating Officer Kecia Steelman. The leadership change takes effect immediately, with Steelman also replacing Kimbell on the company’s board of directors. Kimbell will serve as an advisor to the company until June 28.
The company also raised its fiscal fourth-quarter outlook due to “stronger-than-expected performance during the holiday season.” Ulta now anticipates comparable sales will increase modestly and operating margin will be above the high end of the company’s previous expected range.
Steelman has been with Ulta for over a decade and became its chief operating officer in 2023. Kimbell praised Steelman as a “strategic leader with a proven record of driving operational excellence and creating exceptional guest experiences while fostering a caring and inclusive culture.”
Shares of Ulta Beauty rose more than 2% in extended trading after the announcement. The company is expected to report its fiscal fourth-quarter results on March 13.
The leadership change comes as Ulta Beauty faces a more challenging landscape, with a wide range of retailers competing for beauty sales and customers watching their discretionary spending. The company has been working to maintain its spot as a top beauty retailer by carrying new brands, throwing more in-store events, and adding more digital tools.
The CEO change is part of a larger trend of leadership turnover across the business world. Last year, U.S. public companies had more chief executive changes than any other year since at least 2010.