Ulta Beauty Appoints New CEO: Immediate Effect
Ulta Beauty is kicking off 2025 with a fresh face at the helm. The retailer recently announced the retirement of CEO Dave Kimbell and introduced Kecia Steelman as his replacement, effective immediately. Kimbell will continue to serve as an advisor to the company until June 28, showing a commitment to a smooth transition. Steelman, who has been with Ulta since 2014 and served as president and chief operating officer in 2023, will now take the reins as CEO.
Expressing his gratitude for his time at Ulta, Kimbell shared, “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.” His journey with the company began in 2014, leading him to the role of CEO in 2021.
With over 30 years of experience in retail, including leadership roles at Target and Family Dollar, Steelman brings a wealth of knowledge to her new role. She expressed her excitement about the opportunity, stating, “I am honored and excited to lead Ulta Beauty through its next chapter of growth as president and CEO.” With a deep understanding of the industry and a commitment to recognizing the contributions of every team member, Steelman is confident in Ulta Beauty’s strategic plan for the future.
Ulta’s recent focus on fragrance has proven successful, with sales in the category seeing high-single-digit growth in the third quarter of 2024. The retailer has expanded its fragrance offerings to include new indie brands like Noyz and Snif, as well as collaborations with influencers and celebrities such as Danielle Bernstein and Billie Eilish. On the other hand, makeup sales have seen a slight decrease, with growth dipping into the low-single-digit range in the same quarter.
As Ulta navigates a competitive market, especially in the fragrance category where it faces competition from Sephora and Target, the retail giant remains optimistic about its outlook for the fourth quarter of 2024. With a strong holiday sales season under its belt, Ulta now anticipates a modest increase in comparable sales and aims to exceed its operating margin expectations. Investors can look forward to Ulta’s next quarterly earnings report on March 13 for further insights into the company’s performance.
