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.

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

Steelman, who is currently chief operating officer at the beauty retailer, will step into the role as Dave Kimbell retires.

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

Ulta Beauty said on Monday Dave Kimbell will retire as CEO and will be succeeded by President and Chief Operating Officer Kecia Steelman. Kimbell is stepping down after 11 years with the company, and will serve as an adviser through June 28.

Ulta Beauty has announced the retirement of Dave Kimbell as chief executive officer after 11 years with the business. The company said Kecia Steelman, president and chief operating officer, will succeed Kimbell as president and CEO.

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.