Investing.com -- Ulta Beauty Inc (NASDAQ:ULTA) said on Monday that its Chief Executive Officer Dave Kimbell will retire after 11 years and will step down from the company’s board.
Kecia Steelman, currently serving as the President and Chief Operating Officer, has been appointed as the new President and CEO, effective January 6, 2025, according to a press release.
Steelman will also join the company's Board of Directors on the same date, the company said adding that Kimbell will serve as an advisor to the specialty retailer through June 28, 2025.
During Kimbell's tenure as CEO, Ulta Beauty reported over $11 billion in annual revenue and delivered double-digit growth in diluted earnings per share.
Ulta Beauty also revised its fourth-quarter outlook, citing better-than-expected performance during the holiday season.
It now expects a modest increase in comparable sales and an operating margin exceeding its previous forecast of 11.6% to 12.4% for the fourth quarter of fiscal 2024.
Ulta Beauty plans to report fourth quarter and fiscal 2024 financial results on March 13.