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Ulta Beauty has seen yet another change to its C-suite, sources told WWD.
After the surprise stepping down of then-chief executive officer Dave Kimbell — and ensuing elevation of president and chief operating officer Kecia Steelman to the top job — the largest beauty retailer in the U.S. has parted ways with its chief marketing officer, Michelle Crossan-Matos, who held the role since 2023.
“At Ulta Beauty we are embarking on a transformative year that will require us to make important decisions in order to drive long-term growth and operational efficiencies for our business. As part of this, we have made a number of organization changes within leadership as well as select field and corporate positions to further optimize our work,” Steelman said via email. “With this reorganization, I can confirm that Michelle Crossan-Matos has left the company. We have the utmost respect and gratitude for those who are affected and no longer with our company and remain optimistic about our bright path ahead.”
Steelman told WWD earlier this month that there wouldn’t be any shifts in strategy from the plan revealed at the company’s investor day last October. However, she did say she wouldn’t be filling the COO role she left empty upon her promotion, and that she was looking for a new chief merchandising officer after Monica Arnaudo revealed her retirement effective later this year.
Ulta is in the midst of expansion into Mexico in partnership with Axo, the global brands operator, and Steelman didn’t rule out future expansions into other international markets. It is also aiming to add 200 doors over the next three years, and rethinking the brand matrix to focus more on both exclusive brands as well as wellness.
Ulta has faced headwinds in the last year, including increasing competition from Sephora and Amazon, but at the time of Kimbell’s departure, the company actually raised its guidance for the fourth quarter. It is now expecting comparable sales to trend upward and operating margin to exceed the previously reported range of 11.6 percent to 12.4 percent.
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