Ulta Beauty CEO Dave Kimbell will retire as CEO after 11 years with the company. Kecia Steelman, current President and COO, has been named as his successor, effective immediately. Steelman will now serve as President and CEO as well as joining the beauty retailer’s board, with Kimbell staying on in an advisory role through June 28, 2025.
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 and zeroed in on the commitment to ensure that beauty is inclusive.
Steelman was named President and COO in 2023 after serving in a variety of executive roles with the company since 2014. She has been pivotal in developing and executing the company’s strategies to deliver profitable growth.
“Dave has demonstrated a deep commitment to unlocking the power of beauty for our guests and advancing Ulta Beauty’s market leadership,” said Lorna Nagler, Chair of Ulta Beauty’s board of directors in a statement. “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.
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“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,” Nagler continued. “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.”
Alongside the leadership change, Ulta also announced that it was increasing its fourth quarter outlook based on stronger-than-expected holiday performance. Ulta now expects comparable sales to increase modestly and operating margin to be above the high end of the company’s previous expected range of 11.6% to 12.4% of sales for Q4 of fiscal 2024, which will be reported on March 13, 2025.
Late last year, the retailer outlined a series of aggressive growth strategies to continue its current momentum, including plans to accelerate new store openings in order to reach a total of more than 1,800 locations across the U.S.
“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,” said Steelman in a statement. “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.”
