Ulta Beauty has announced the appointment of Kecia Steelman as its Chief Executive Officer, succeeding Dave Kimball, who is retiring after 11 years as its CEO.
“Having spent the last 30 years in retail, I have worked every position imaginable, from stocking shelves to executive leadership,” says Steelman, who has served the company in executive roles since 2014, most recently as President and Chief Operating Officer.
“These experiences provide a deep understanding of the industry and an immense appreciation for the contributions people make at every level.”
Ulta announced its executive changes along with its fiscal fourth-quarter forecast, saying it has increased its outlook due to strong holiday sales pushing its operating margin to the high end of the expected range of 11.6% to 12.4% of sales.
Shares of Ulta jumped more than 3 percent after the news broke.
Kimball stepped down immediately as CEO and from the company’s board of directors after the Jan. 6 announcement, but will remain as an advisor until June 28.
He called Steelman “a strategic leader with a proven record of driving operational excellence and creating exceptional guest experiences, while fostering a caring and inclusive culture.”
Ulta Beauty has faced intense competition in recent years with companies like Sephora and Amazon taking market share in the prestige beauty category, Kohl’s store-within-a-store partnership with Sephora rolling out, and retail giant Walmart entering the space.
The company announced its expansion to Mexico last March and has increased its partnership with Target and its focus on wellness, appointing Deepak Chopra as its celebrity ambassador for mental and emotional health.
In November, Ulta Beauty released action items that included accelerating new store openings; establishing a leadership position in wellness; embracing the growing men’s beauty market; and bringing on exclusive and emerging beauty brands.