Ulta Beauty Announces CFO Succession Plan

by Katie Lee

Bolingbrook, Ill. — Scott Settersten has informed Ulta Beauty of his decision to retire as chief financial officer, treasurer and assistant secretary after nearly 20 years with the company, effective April 1, 2024. Paula Oyibo, senior vice president of finance, will succeed Settersten as CFO and will report to Dave Kimbell, chief executive officer.

“Scott has had a tremendous impact on Ulta Beauty as a key member of our leadership team and a passionate steward of our business for nearly two decades,” say Kimbell. “From his early days of supporting Ulta Beauty’s initial public offering to his more than a decade as CFO, Scott helped guide Ulta Beauty through times of significant transformation and expansion. The impressive shareholder returns achieved throughout his tenure are a testament to his leadership and disciplined approach to driving profitable growth.”

During his more than 10 years as CFO, Settersten delivered exceptional business growth and built a high-performing finance organization. Under his leadership, the company added over 800 new stores, quadrupled its revenue to more than $10 billion in annual net sales, more than tripled its market capitalization to $20 billion today, and delivered more than 375% in total shareholder returns.

Oyibo is a dynamic finance leader with broad experience across consumer products and retail. She joined Ulta Beauty as vice president of finance for merchandise, marketing and e-commerce in 2019. She currently serves as senior vice president, finance, a position she has held since February 2022. Prior to joining Ulta Beauty, Oyibo served in finance and controller roles at Whirlpool Corporation and in senior level auditing and consulting positions with PwC.

“Since joining Ulta Beauty in 2019, Paula has established herself as a trusted partner and visionary leader, particularly as we navigated the pandemic, ultimately helping the company emerge in a position of leadership and strength,” says Kimbell. “Her deep knowledge and understanding of our business, experience leading finance organizations and strong commitment to nurturing talent and an inclusive culture make her the ideal person to serve as Ulta Beauty’s next CFO. Paula will be a valuable addition to our dynamic and diverse executive leadership team, and I look forward to partnering with her as we bring to life all the beautiful possibilities for Ulta Beauty and our guests.”

Founded in 1990, Ulta Beauty is the largest U.S. beauty retailer. Today, it has 1,374 retail stores across 50 states. For more information, visit https://www.ulta.com.

SOURCE: Ulta Beauty

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