Paula Oyibo Succeeds Scott Settersten in the Role of CFO at Ulta Beauty Following his Decision to Retire

Ulta Beauty (NASDAQ: ULTA), the leading specialty beauty retailer in the United States, announced that Scott Settersten, the Chief Financial Officer, Treasurer, and Assistant Secretary, will retire from the company on April 1, 2024, after a tenure of nearly 20 years.

Paula Oyibo, currently serving as the Senior Vice President of Finance, will succeed Settersten as the CFO and will report directly to Dave Kimbell, the CEO.

Established in 1990, the company operates 1,374 retail stores across 50 states. During Settersten’s tenure as CFO, Ulta Beauty experienced substantial growth, expanding its store count by over 800, increasing annual net sales to surpass $10 billion, and witnessing a market capitalization surge to $20 billion while delivering substantial returns to shareholders.

Oyibo, an accomplished finance leader with extensive experience in consumer products and retail, joined Ulta Beauty in 2019 as Vice President of Finance for Merchandise, Marketing, and e-commerce. She has since ascended to the role of Senior Vice President of Finance, overseeing Financial Planning & Analysis, Treasury, and Non-Merchandise Procurement functions.

Kimbell expressed appreciation for Settersten’s impactful leadership and significant contributions to Ulta Beauty over almost two decades. He praised Settersten’s guidance through times of transformation and expansion, acknowledging the remarkable shareholder returns achieved under his tenure.

Lorna Nagler, Chair of Ulta Beauty’s Board of Directors, echoed gratitude for Settersten’s leadership and remarkable contributions to the company’s growth and success.

Reflecting on his years with Ulta Beauty, Settersten expressed gratitude for the opportunity to contribute to the company’s growth and success, highlighting the pleasure of working alongside talented and dedicated associates. He expressed confidence in the company’s future growth trajectory following recent infrastructure enhancements.

Kimbell also praised Oyibo’s leadership during challenging times, citing her instrumental role in guiding Ulta Beauty through the pandemic. He emphasized her deep understanding of the business, finance leadership experience, and commitment to nurturing talent and fostering an inclusive culture, deeming her the ideal candidate for the CFO position.

Oyibo expressed honor and enthusiasm in stepping into the role of Chief Financial Officer at Ulta Beauty, expressing eagerness to collaborate with the executive team and drive sustainable growth for the company while building upon its leadership in U.S. beauty retail.

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