illi News - Ulta Beauty Announces CFO Succession Plan

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~ Ulta Beauty, the nation's largest specialty beauty retailer, has announced that Scott Settersten will be retiring as Chief Financial Officer, Treasurer and Assistant Secretary after nearly 20 years with the company. Paula Oyibo, senior vice president of finance, will succeed Settersten as CFO and will report to Dave Kimbell, chief executive officer.

Dave Kimbell expressed his gratitude for Settersten's leadership and contributions to the company. "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. 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."

Lorna Nagler, chair of Ulta Beauty's board of directors also thanked Settersten for his service. "Scott is truly one of the best executives in the business. He has helped Ulta Beauty navigate incredibly dynamic times and challenges, ensuring we continue to execute and deliver for our shareholders. On behalf of the entire board of directors, I want to thank Scott for his steadfast leadership and tremendous contributions to our company."

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During Settersten's tenure as CFO he 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.

Paula Oyibo is set to take over from Settersten on April 1st 2024 as CFO at Ulta Beauty. Oyibo is a dynamic finance leader with broad experience across consumer products and retail who joined Ulta Beauty in 2019 as Vice President of Finance for Merchandise, Marketing, and eCommerce before being promoted to Senior Vice President in February 2022 where she had oversight of Financial Planning & Analysis, Treasury and Non-Merchandise Procurement functions.

Kimbell expressed confidence in Oyibo taking over from Settersten saying "Since joining Ulta Beauty in 2019 Paula has established herself as a trusted partner and visionary leader...Her deep knowledge and understanding of our business experience leading finance organizations strong commitment to nurturing talent and an inclusive culture make her the ideal person to serve as Ulta Beauty's next CFO."

Oyibo also expressed her gratitude at being chosen for this role saying "I am honored humbled to assume the role of Chief Financial Officer for Ulta Beauty...I am deeply grateful for Scott's mentorship over the last several years."

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Ulta Beauty announced today that Scott Settersten will be retiring from his position as Chief Financial Officer (CFO), Treasurer & Assistant Secretary after nearly 20 years with the company on April 1st 2024. Paula Oyibo who currently serves as Senior Vice President - Finance will succeed him in this role reporting directly into Dave Kimbell - Chief Executive Officer (CEO).

Dave Kimbell praised Settersten's contribution during his time at Ulta saying "Scott has had a tremendous impact on Ulta Beauty as a key member of our leadership team...The impressive shareholder returns achieved throughout his tenure are a testament to his leadership." Lorna Nagler - Chairperson at Ulta's Board Of Directors also thanked him saying "He has helped Ulta Beauty navigate incredibly dynamic times & challenges ensuring we continue execute & deliver for our shareholders."

Settersten was responsible for delivering exceptional business growth & building high-performing finance organization during his 10+ year tenure at CFO position which saw them add 800+ new stores quadruple their revenue & triple their market capitalization while delivering 375% total shareholder returns during this period.

Paul Oyibo who joined them in 2019 was chosen by Kimbell due her deep knowledge & understanding about their business experience leading finance organizations strong commitment nurturing talent & inclusive culture making her ideal person serve next CFO at Ulta beauty expressing her gratitude towards this opportunity saying "I am honored humbled assume role Chief Financial Officer...I am deeply grateful Scott's mentorship last several years."

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