This leadership change follows the retirement of Dave Kimbell, who has been with Ulta Beauty for eleven years.

Ulta Beauty said CEO Dave Kimbell is retiring after 11 years at the company, and will be replaced by COO Kecia Steelman.

Dave Kimbell, chief executive officer of Ulta Beauty, stepped down on Monday, surprising many industry insiders. Kecia Steelman, president and chief operating officer, will succeed him as president and CEO and will join the company’s board. Kimbell will serve as an adviser to the company through June 28.

Ulta Beauty has named Kecia Steelman as its chief executive, succeeding David Kimbell, as the company aims to reaccelerate its growth amid a global slowdown in the beauty market.

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.

Ulta said in a news release that the leadership changes take effect on Monday. Steelman will also replace Kimbell on

Ulta Beauty shares are trading higher in Monday's after-hours session after the company announced a CEO transition and updated its near-term outlook.

Ulta Beauty has announced the retirement of Dave Kimbell as chief executive officer after 11 years with the business. The company said Kecia Steelman, president and chief operating officer, will succeed Kimbell as president and CEO.

By Savyata Mishra (Reuters) -Cosmetics retailer Ulta Beauty on Monday forecast a strong fourth quarter and said insider Kecia Steelman will replace retiring CEO Dave Kimbell in the top role, sending its shares up 1.