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.

Cosmetics retailer Ulta Beauty said on Monday insider Kecia Steelman will replace retiring CEO Dave Kimbell in the top role, and forecast a strong fourth quarter, sending its shares up about 2% in extended trading.

Steelman, who is currently chief operating officer at the beauty retailer, will step into the role as Dave Kimbell retires.

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 said on Monday Dave Kimbell will retire as CEO and will be succeeded by President and Chief Operating Officer Kecia Steelman. Kimbell is stepping down after 11 years with the company, and will serve as an adviser through June 28.

Ulta Beauty CEO Dave Kimbell is retiring and will be replaced by Kecia Steelman, the company's chief operating officer. Ulta also hiked its fourth-quarter guidance. In a news release, the beauty retailer said the leadership changes are effective as of Monday.

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.