Kecia Steelman has been announced as the new CEO of Ulta Beauty. The previous CEO of Ulta Beauty, Dave Kimbell, took retirement after serving at Ulta Beauty for eleven years (since 2014).

Dave Kimbell, chief executive officer of Ulta Beauty, stepped down on Monday, surprising many industry insiders. Kecia Steelman, president and chief operating officer, will succeed him as president and CEO and will join the company’s board. Kimbell will serve as an adviser to the company through June 28.

This leadership change follows the retirement of Dave Kimbell, who has been with Ulta Beauty for eleven years.

(Reuters) -Cosmetics retailer Ulta Beauty on Monday forecast a strong fourth quarter and said insider Kecia Steelman will replace retiring CEO Dave Kimbell in the top role, sending its shares up 1.5% in extended trading.

Ulta Beauty has named Kecia Steelman as its chief executive, succeeding David Kimbell, as the company aims to reaccelerate its growth amid a global slowdown in the beauty market.

Kecia Steelman named President and Chief Executive Officer of Ulta Beauty. (Photo: Business Wire)

Ulta Beauty said CEO Dave Kimbell is retiring after 11 years at the company, and will be replaced by COO Kecia Steelman.

CEO Dave Kimbell is stepping down effective immediately, Ulta said Monday, and will stay on as an advisor through June 28.

Ulta Beauty CEO Dave Kimbell is retiring and will be replaced by Kecia Steelman, the company's chief operating officer. Ulta also hiked its fourth-quarter guidance. In a news release, the beauty retailer said the leadership changes are effective as of Monday.