Dave Kimbell to Retire After Distinguished
11-Year Tenure
Kecia Steelman Appointed President and Chief
Executive Officer
Ulta Beauty, the nation’s largest specialty beauty retailer,
today announced that Dave Kimbell will retire as Chief Executive
Officer after 11 years with Ulta Beauty and will step down from the
company’s Board of Directors. Kecia Steelman, President and Chief
Operating Officer, will succeed Dave Kimbell as President and Chief
Executive Officer and will join the company’s Board effective
January 6, 2025. Mr. Kimbell will serve as an advisor to the
company through June 28, 2025.
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Kecia Steelman named President and Chief
Executive Officer of Ulta Beauty. (Photo: Business Wire)
“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,” said 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 advisor during
this transition.”
Throughout his tenure at Ulta Beauty, Mr. Kimbell has been a
steadfast champion of Ulta Beauty associates, guests, communities,
and unique culture. Mr. Kimbell became Chief Executive Officer of
Ulta Beauty in 2021 after serving in executive roles with the
company since 2014. During his tenure as CEO, the company grew to
more than $11 billion in annual revenue and delivered double-digit
growth in diluted earnings per share, and his values-based
leadership and commitment to ensuring beauty is inclusive enabled
Ulta Beauty to enhance its market leadership, drive record-level
brand love and awareness, and expand its world-class loyalty
program.
“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,” said 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 continued, “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.”
Ms. Steelman was named President and Chief Operating Officer in
2023 after serving in a variety of executive roles with the company
since 2014. Highly regarded within the retail and beauty industry
for her inclusive and thoughtful leadership, Ms. Steelman has been
pivotal in developing and executing the company’s strategies to
deliver profitable growth. During her more than 10 years with Ulta
Beauty, she has consistently driven exceptional execution, while
fostering strong external partnerships and a collaborative culture.
Her track record of success spans her tenure with the company and
is rooted in deep expertise across retail operations and services,
real estate, corporate strategy, and business transformation.
“Dave has been a supportive leader, mentor, and friend, and I am
honored to become the next CEO of Ulta Beauty,” said 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.”
Fourth Quarter Update
Reflecting stronger-than-expected performance during the holiday
season, the company has increased its fourth quarter outlook. 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. The
company plans to report financial results for the fourth quarter
and fiscal 2024 on March 13, 2025.
About Ulta Beauty
At Ulta Beauty (NASDAQ: ULTA), the possibilities are beautiful.
Ulta Beauty is the largest specialty U.S. beauty retailer and the
premier beauty destination for cosmetics, fragrance, skin care
products, hair care products and salon services. In 1990, the
company reinvented the beauty retail experience by offering a new
way to shop for beauty – bringing together All Things Beauty. All
in One Place®. Today, Ulta Beauty operates more than 1,437 retail
stores across 50 states and also distributes its products through
its website, which includes a collection of tips, tutorials, and
social content. For more information, visit www.ulta.com.
Forward‑Looking Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, which reflect the
company’s current views with respect to, among other things, future
events and financial performance. These statements can be
identified by the use of forward-looking words such as “outlook,”
“believes,” “expects,” “plans,” “estimates,” “targets,”
“strategies” or other comparable words. Any forward-looking
statements contained in this press release are based upon the
company’s historical performance and on current plans, estimates
and expectations. The inclusion of this forward-looking information
should not be regarded as a representation by the company or any
other person that the future plans, estimates, targets, strategies
or expectations contemplated by the company will be achieved. Such
forward-looking statements are subject to various risks and
uncertainties, which include, without limitation:
- macroeconomic conditions, including inflation, elevated
interest rates and recessionary concerns, as well as continuing
labor cost pressures, and transportation and shipping cost
pressures, have had, and may continue to have, a negative impact on
our business, financial condition, profitability, and cash flows
(including future uncertain impacts);
- changes in the overall level of consumer spending and
volatility in the economy, including as a result of macroeconomic
conditions and geopolitical events;
- our ability to sustain our growth plans and successfully
implement our long-range strategic and financial plan;
- the ability to execute our operational excellence priorities,
including continuous improvement, Project SOAR (the replacement of
our enterprise resource planning platform), and supply chain
optimization;
- our ability to gauge beauty trends and react to changing
consumer preferences in a timely manner;
- the possibility that we may be unable to compete effectively in
our highly competitive markets;
- the possibility of significant interruptions in the operations
of our distribution centers, fast fulfillment centers, and market
fulfillment centers;
- the possibility that cybersecurity or information security
breaches and other disruptions could compromise our information or
result in the unauthorized disclosure of confidential
information;
- the possibility of material disruptions to our information
systems, including our Ulta.com website and mobile
applications;
- the failure to maintain satisfactory compliance with applicable
privacy and data protection laws and regulations;
- changes in the good relationships we have with our brand
partners, our ability to continue to obtain sufficient merchandise
from our brand partners, and/or our ability to continue to offer
permanent or temporary exclusive products of our brand
partners;
- our ability to effectively manage our inventory and protect
against inventory shrink;
- changes in the wholesale cost of our products and/or
interruptions at our brand partners’ or third-party vendors’
operations;
- epidemics, pandemics or natural disasters, which could
negatively impact sales;
- the possibility that new store openings and existing locations
may be impacted by developer or co-tenant issues;
- our ability to attract and retain key executive personnel;
- the impact of climate change on our business operations and/or
supply chain;
- our ability to successfully execute our common stock repurchase
program or implement future common stock repurchase programs;
- a decline in operating results which could lead to asset
impairment and store closure charges; and
- other risk factors detailed in the company’s public filings
with the Securities and Exchange Commission (the SEC), including
risk factors contained in its Annual Report on Form 10‑K for the
fiscal year ended February 3, 2024, as such may be amended or
supplemented in its subsequently filed Quarterly Reports on Form
10-Q.
The company’s filings with the SEC are available at www.sec.gov.
Except to the extent required by the federal securities laws, the
company does not undertake to publicly update or revise its
forward-looking statements, whether as a result of new information,
future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250106942640/en/
Investor Contact: Kiley Rawlins, CFA Vice President, Investor
Relations krawlins@ulta.com
Media Contact: Crystal Carroll Senior Director, Public Relations
ccarroll@ulta.com
Ulta Beauty (NASDAQ:ULTA)
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