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BOLINGBROOK, Ill. – Ulta Beauty, the nation’s largest specialty beauty retailer, announced today that Dave Kimbell will retire as chief executive officer, effective January 6, 2025. Kimbell, who has served as CEO since 2021 and held executive roles at the company since 2014, will also step down from the company’s Board of Directors. He will remain as an advisor to the company through June 28, 2025.
Kecia Steelman, currently president and chief operating oOfficer, will succeed Kimbell as president and CEO and join the company’s Board. Steelman, a respected leader in the retail and beauty industry, has been with Ulta Beauty since 2014 and was named President and COO in 2023.
“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,” Kimbell said.
Under Kimbell’s leadership, Ulta Beauty achieved significant milestones, including surpassing $11 billion in annual revenue and delivering double-digit growth in diluted earnings per share. His commitment to inclusivity and a values-based approach strengthened the company’s market leadership, brand awareness, and loyalty program.
Lorna Nagler, Chair of Ulta Beauty’s Board of Directors, praised Kimbell’s contributions, stating, “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.”
The board expressed confidence in Steelman’s ability to lead the company forward. “Kecia is a world-class business executive with deep beauty and retail expertise,” Nagler said. “She has been instrumental in developing our recently refreshed strategic framework and is the right person to lead Ulta Beauty into its next chapter.”
Steelman, known for her inclusive leadership and operational expertise, has been pivotal in driving Ulta Beauty’s profitable growth strategies over the past decade. “I am honored to become the next CEO of Ulta Beauty,” Steelman said. “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.”
Strong Holiday Performance Updates Fourth-Quarter Outlook
Ulta Beauty also updated its fourth-quarter outlook, citing stronger-than-expected holiday season performance. The company now anticipates modest growth in comparable sales and an operating margin above the high end of its previously projected range of 11.6% to 12.4%. Financial results for the fourth quarter and fiscal 2024 will be reported on March 13.
