Ulta Beauty, the nation’s largest specialty beauty retailer, announced that Dave Kimbell will retire as Chief Executive Officer. After eleven years in the position, Kimbell will be stepping down from the company’s Board of Directors. Kecia Steelman will take over the President and Chief Executive Officer positions and join the company’s Board effective January 6, 2025. 

About Ulta Beauty

At Ulta Beauty (NASDAQ: ULTA), the possibilities are beautiful. Ulta Beauty is the largest specialty U.S. beauty retailer and the premier beauty destination for cosmetics, fragrances, skincare products, hair care products, and salon services. In 1990, the company reinvented the beauty retail experience by offering a new way to shop for beauty: bringing together All Things Beauty. All in One Place®. Today, Ulta Beauty operates more than 1,437 retail stores across 50 states and distributes its products through its website, which includes a collection of tips, tutorials, and social content. For more information, visit www.ulta.com.

Closing Out an Era, Starting Anew

“On behalf of the Board, we are grateful to Dave for his guidance, dedication, and integrity, and for the significant contributions he has made to Ulta Beauty,” said Lorna Nagler, Chair of Ulta Beauty’s Board of Directors. “Dave has demonstrated a deep commitment to unlocking the power of beauty for our guests and advancing Ulta Beauty’s market leadership. He has played a meaningful role in shaping Ulta Beauty into the company we are today, and we appreciate his continued service as an advisor during this transition.”

Kimbell became CEO of Ulta Beauty in 2021 after serving in executive roles with the company since 2014. During his tenure as CEO, the company grew to more than $11 billion in annual revenue. 

“Serving as CEO of Ulta Beauty has been the highlight of my career, and I am proud to have led and worked alongside so many associates who are passionate about delivering great experiences for our guests,” said Kimbell. 

“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.”

Moving Forward with Steelman

Nagler continued, “As a result of the Board’s robust succession planning process, we are pleased to name Kecia Steelman the new President and CEO of Ulta Beauty. Kecia is a world-class business executive with deep expertise in beauty and retail, 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.”

Steelman was named President and Chief Operating Officer in 2023 after serving in various executive roles with the company since 2014. During her more than 10 years with Ulta Beauty, she has consistently driven exceptional execution while fostering strong external partnerships and collaborative culture. 

“Dave has been a supportive leader, mentor, and friend, and I am honored to become the next CEO of Ulta Beauty,” said Steelman. “Ulta Beauty is more than a beauty retailer—we are a destination that helps bring to life all the beautiful possibilities that lie within every guest and associate who walks through our doors. 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.”

Fourth Quarter Update

Reflecting stronger-than-expected performance during the holiday season, the company has increased its fourth-quarter outlook. Based on quarterly sales performance, the company expects comparable sales to increase modestly and the operating margin to be above the high end of the company’s previous expected range of 11.6% to 12.4% of sales for the fourth quarter of fiscal 2024. The company plans to report financial results for the fourth quarter and fiscal 2024 on March 13, 2025.