Ulta Beauty names new CEO Kecia Steelman to replace Dave Kimbell | Wilnesh News

ultimate beauty The company announced Monday that Chief Executive Dave Kimbell is retiring and will be replaced by Kecia Steelman, chief operating officer of the retailer.

The leadership changes will take effect Monday, Urta said in a news release. Steelman will also succeed Kimbell on the company’s board of directors.

While announcing the executive reshuffle, Ulta also raised its fourth-quarter earnings outlook due to “stronger-than-expected results during the holiday quarter.” The company said it now expects comparable sales to grow slightly and operating margins to be above the upper end of the company’s previous guidance of 11.6% to 12.4% of sales. In early December, Ulta said it expected comparable sales to decline 1% to be flat.

The company’s shares rose more than 2% in after-hours trading.

Ulta Beauty faces a more challenging situation as a host of retailers, including Macy’s and Kohl’s, chase a larger share of beauty sales and as customers focus on their own freedoms control expenditures. At an investor conference in the spring, Kimbell warned of slowing growth in the category.

In recent seasons, Ulta has worked hard to maintain its status as a top beauty retailer by launching new brands, hosting more in-store events and adding more digital tools.

Stillman will now lead those efforts. The company’s incoming CEO has been with Ulta for more than a decade and will become chief operating officer in 2023.

In a press release, Kimbell described Stillman as “a strategic leader with a proven track record of driving operational excellence and creating exceptional guest experiences while fostering a culture of care and inclusion.”

Kimbell has been with the company since 2014 and became CEO in 2021.

Ulta shares closed at $431.30 on Monday, down about 25% from their 52-week high.

Ulta Beauty is expected to report fiscal fourth-quarter results on March 13.

This is breaking news. Please check back for updates.