Ulta Beauty CEO Dave Kimbell is retiring and will be replaced by Kecia Steelman, the company's chief operating officer. Ulta also raised its fourth-quarter guidance, saying it expects modest growth of comparable sales.

Cosmetics retailer Ulta Beauty said on Monday insider Kecia Steelman will replace retiring CEO Dave Kimbell in the top role, and forecast a strong fourth quarter, sending its shares up about 2% in extended trading.

Kecia Steelman succeeds Kimbell and his 11-year tenure.

US retailer Ulta Beauty has promoted Kecia Steelman to president and CEO, effective immediately. She replaces Dave Kimbell, who is retiring after an 11-year tenure. He is also stepping down from the company’s board of directors, but will stay on as an advisor to Ulta Beauty through 28 June.

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.

Ulta Beauty CEO Dave Kimbell will retire and Kecia Steelman, current President and COO, has been named as his successor.

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

Ulta Beauty announced that CEO Dave Kimbell will retire, with COO Kecia Steelman stepping in as CEO and joining the board effective immediately. The company also raised its fiscal fourth-quarter outlook due to stronger-than-expected holiday performance,