The cosmetics retailer on Monday also increased its fourth-quarter outlook, saying it now expects comparable sales to increase modestly thanks to a stronger-than-expected holiday shopping season. It most recently guided for comparable sales to be down 1% to flat for the full year.Kimbell, 58 years old, will retire from the top role after 11 years with the company. He is credited with increasing the company's annual revenue to more than $11 billion.Steelman, 53, has been tapped to lead Ulta during a transitional period for the brand as increased competition weighs on growth.Ulta executives previously said they expect to focus on investments in 2025 that will position the company for stronger performance despite wavering consumer confidence. Ulta has said it expects to add 200 stores to its more than 1,400-location footprint through 2027.Steelman has served in a variety of executive roles since joining Ulta in 2014, including chief operating officer most recently. Prior to joining the cosmetics company, Steelman held leadership roles at Family Dollar, Home Depot and Target.With her promotion to CEO, effective Monday, Steelman's base salary will increase to nearly $1.4 million from about $1.1 million. Her annual cash incentive target will grow to 180% of her base salary, from 115%, while her long-term incentive plan target will be increased to 710% of her base salary from 380%.Kimbell's total compensation for 2023 was about $12.7 million, according to the company's most recent annual report.Shares rose 2.0% to $439 in after-hours trading.

Ulta Names Steelman CEO, Seeks to Counter Slowdown

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is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 88 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.

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{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 88 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.