Retail News Breaks

Ulta Beauty CEO exits for Michaels

BOLINGBROOK, Ill. – Ulta Beauty president and chief executive officer Chuck Rubin is leaving the company to become CEO of arts and crafts retailer Michaels Stores Inc.

The beauty care retailer said Thursday that Rubin is slated to step down as CEO, and as a director, on Feb. 21.

Ulta's board has named nonexecutive chairman Dennis Eck as interim CEO. Rubin also has agreed to assist Ulta during the transition period, the company said.

A committee has been formed by Ulta's board to begin a search for a permanent CEO. The company is retaining an executive recruiting firm to advise the board.

Seen as a trend-setter in beauty retailing, Ulta Beauty provides one-stop shopping for prestige, mass and salon products. The chain has 550 stores, all with a full-service salon, in 45 states.