Ulta Beauty has announced that Kecia Steelman will take over as CEO, following the retirement of Dave Kimbell, who served as Chief Executive Officer for 11 years. Following this announcement, the company’s shares rose by approximately 2%.
Steelman will be the second woman to serve as CEO of Ulta Beauty. As of 2024, there were only 52 female CEOs among Fortune 500 companies.
Steelman moves into the role of CEO immediately. She previously served as COO for the company and has more than 10 years of experience with Ulta Beauty. She told investors, “I am confident the strategic priorities we shared last fall will enable us to capture greater market share in beauty and wellness and deliver long-term profitable growth, and I am excited to lead our outstanding teams as we unlock even greater advantages of our operating model, drive best-in-class execution, and position Ulta Beauty for our next chapter of growth as the beauty destination for a lifetime.”
“Kecia is a strategic leader with a proven record of driving operational excellence and creating exceptional guest experiences while fostering a caring and inclusive culture. I have every confidence she will expand Ulta Beauty’s leadership in beauty and wellness,” said Kimbell, departing CEO.
Along with its leadership change, the company announced an updated fourth-quarter outlook, driven by strong sales during the holiday period. Ulta Beauty now expects an annual sales growth of 11.6% to 12.4% in their fiscal 2024 report to be released on March 13.
Ulta Beauty is the largest specialty beauty retailer in the U.S., with an annual revenue of $3.6 billion for fiscal year 2023.
By CEO NA Editorial Staff
