Ulta Beauty Taps President Dave Kimbell As CEO

Releasing its fourth quarter results, Ulta Beauty announced president Dave Kimbell will succeed Mary Dillon as its next CEO in June. Dillon, meanwhile, will become executive chair of the beauty retailer's board of directors, a role she intends to serve in for one year. "It has been the honor of my career to lead the Ulta Beauty family for the last eight years and a true joy to have been inspired by our dedicated associates and beauty-loving guests daily," Dillon said in a statement. "Our strategies, culture and continuous innovation have strengthened our business model, ensuring we are well-positioned to continue leading the industry." During her tenure, Ulta Beauty said it doubled its number of physical stores, more than doubled its loyalty members and more than tripled its market capitalization to more than $18 billion. “Throughout my time with the company, I have worked closely with our board on strategic succession plans, and I believe now is the right time to begin a CEO transition," she added. "Dave is a world-class business leader with incredible passion, deep beauty expertise, unwavering drive and a values-based leadership style." Kimbell, who will run for a seat on Ulta Beauty's board of directors, joined the company as its CMO in 2015 and was promoted to president in 2019. The company noted his expertise in corporate strategy, merchandising, analytics, marketing, loyalty, innovation and business transformation. “We will continue to build upon the foundation [Dillon] set to ensure Ulta Beauty is a destination where every guest feels welcome and every associate can have a fulfilling career,” said Kimbell in a statement. More new stores In addition, chief store operations officer Kecia Steelman will take on the role of COO, in which she will oversee store and services operations, supply chain and Ulta Beauty at Target, among other key initiatives. As part of the transition, current chair Robert DiRomualdo will retire after serving for three years in the role, the company said. All of the changes announced today will take effect following the company's annual shareholders meeting on June 2, 2021. As for its full-year results, the pandemic managed to slow the beauty juggernaut's progress, given that comparable sales decreased 17.9% for the 52-week period ending Jan. 30, while net sales fell 16.8% to $6.2 billion from $7.4 billion for the same period a year prior. Ulta Beauty also plans to continue opening new stores, which will total 40 in 2021, as well as renovate or relocate existing ones (refreshes are slated for some 21 stores), even as it expands its physical presence due to its partnership with Target. You’re About to See More Diversity at Every Level of Ulta Beauty