Ulta Beauty's CEO, Dave Kimbell, is retiring after 11 years with the company, succeeded by Kecia Steelman, Ulta's president and chief operating officer, who is also joining the board of directors, effective today, January 6, 2025.
Steelman, who has been with the company for more than 10 years, will now hold the role of president and CEO.
Kimbell, who is also stepping down from the company’s board of directors, will serve as an adviser to the company through June 28, 2025.
The transition comes amid a moment of increased competition for Ulta Beauty. In December 2024, the company reported that Q3 comparable store sales were led by a 0.5% increase in transactions and a 0.1% increase in average ticket.
Net sales for the first nine months of 2024 increased 2% to $7.8 billion, compared to $7.7 billion in the same period of 2023.
New stores led growth, with comparable sales only rising 0.3%.
The company now says it experienced "stronger-than-expected performance during the holiday season," leading it to increase its fourth-quarter outlook.
Ulta "now expects comparable sales will increase modestly and operating margin will 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."
“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,” says 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 adviser during this transition.”
“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,” says 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.”
Nagler continues, “As a result of the board’s robust succession planning process, we are pleased to name Kecia Steelman as the new president and CEO of Ulta Beauty. 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. 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.”
“Dave has been a supportive leader, mentor, and friend, and I am honored to become the next CEO of Ulta Beauty,” says 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.”
