Ulta Beauty

Leadership continuity is solid: long‑time operator Kecia Steelman became CEO on January 6, 2025 after an internal succession process, and has been central to store operations, real estate and the refreshed strategy.

Finance leadership experienced churn with the mid‑2025 resignation of CFO Paula Oyibo and appointment of veteran insider Chris Lialios as interim CFO, though the company reaffirmed outlook alongside that change.

Execution quality remains high based on recent comps, gross margin drivers, and guidance increases, but we note the need to navigate competitive pressure, Target exit, and international scale‑up without diluting returns.