Kecia Steelman, president and chief operating officer of Ulta Beauty, will succeed Dave Kimbell as Chief Executive Officer, announced the US-based beauty retailer on Monday, January 6.
Stepping down from the company’s Board of Directors, Mr. Kimbell will serve as an advisor to the company through June 28, 2025. He joined Ulta Beauty in 2014 as chief marketing officer and served in various executive roles with the company before being appointed CEO in 2021, taking the reins from Mary Dillon.
Ms. Steelman, who joined the company’s Board effective January 6, 2025, was named President and Chief Operating Officer in 2023 after serving in a variety of executive roles since 2014. Before joining Ulta Beauty, she was group vice president at Family Dollar Stores from 2011 to 2014.
“Stronger-than-expected performance”
The transition comes as the retailer is facing headwinds in a context of increased competition and disappointing results. Ulta Beauty shares have fallen more than 10% over the past 12 months.
However, in Monday’s announcement, the company increased its fourth-quarter outlook, citing “stronger-than-expected performance during the holiday season.”
Based on sales performance quarter-to-date, the company 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. Ulta Beauty plans to report financial results for the fourth quarter and fiscal 2024 on March 13, 2025.
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