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.

(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 1.5% in extended trading.

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

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

Kecia Steelman named President and Chief Executive Officer of Ulta Beauty. (Photo: Business Wire)

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

Kecia Steelman succeeds Kimbell and his 11-year tenure.

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