Ulta Beauty Announces CFO Succession Plan
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Scott Settersten to Retire After Nearly 20-Year Tenure
Paula Oyibo, Senior Vice President - Finance, Promoted to CFO Effective April 1, 2024
Paula Oyibo, Senior Vice President - Finance, Promoted to CFO of Ulta Beauty Effective April 1, 2024. (Photo: Business Wire)
Kimbell said, “Scott has had a tremendous impact on Ulta Beauty as a key member of our leadership team and a passionate steward of our business for nearly two decades. From his early days of supporting Ulta Beauty’s initial public offering to his more than a decade as CFO, Scott helped guide Ulta Beauty through times of significant transformation and expansion. The impressive shareholder returns achieved throughout his tenure are a testament to his leadership and disciplined approach to driving profitable growth.”
“Scott is truly one of the best executives in the business. He has helped Ulta Beauty navigate incredibly dynamic times and challenges, ensuring we continue to execute and deliver for our shareholders. On behalf of the entire board of directors, I want to thank Scott for his steadfast leadership and tremendous contributions to our company,” said Lorna Nagler, chair of Ulta Beauty’s board of directors.
During his more than 10 years as CFO, Settersten delivered exceptional business growth and built a high-performing finance organization. Under his leadership, the Company added over 800 new stores, quadrupled its revenue to more than
“As I reflect on my nearly two decades with Ulta Beauty, I am grateful to have had the opportunity to support the Company’s growth and success. Nothing has given me greater joy in my career than leading and working alongside such talented and dedicated associates,” said Settersten. “I am immensely proud of the work we’ve done together, especially our recent efforts to modernize our infrastructure. I believe these investments will position the Company for future growth, and I am confident that Paula is the best person to help lead the organization forward.”
Oyibo is a dynamic finance leader with broad experience across consumer products and retail. She joined Ulta Beauty as Vice President of Finance for Merchandise, Marketing, and eCommerce in 2019. She currently serves as Senior Vice President, Finance since February of 2022 where she has oversight of the Financial Planning & Analysis, Treasury and Non-Merchandise Procurement functions. Prior to joining Ulta Beauty, Oyibo served in finance and controller roles at Whirlpool Corporation and in senior level auditing and consulting positions with PwC.
“Since joining Ulta Beauty in 2019, Paula has established herself as a trusted partner and visionary leader, particularly as we navigated the pandemic, ultimately helping the Company emerge in a position of leadership and strength,” said Kimbell. “Her deep knowledge and understanding of our business, experience leading finance organizations, and strong commitment to nurturing talent and an inclusive culture make her the ideal person to serve as Ulta Beauty’s next CFO. Paula will be a valuable addition to our dynamic and diverse executive leadership team, and I look forward to partnering with her as we bring to life all the beautiful possibilities for Ulta Beauty and our guests.”
“I am honored and humbled to assume the role of Chief Financial Officer for Ulta Beauty” said Oyibo. “I look forward to working with Dave and the rest of the executive team as we continue to build on our position as the leader in
About Ulta Beauty
At Ulta Beauty (NASDAQ: ULTA), the possibilities are beautiful. Ulta Beauty is the largest
View source version on businesswire.com: https://www.businesswire.com/news/home/20231130556550/en/
Investor Contact:
Kiley Rawlins, CFA
Vice President, Investor Relations
krawlins@ulta.com
Media Contact:
Crystal Carroll
Senior Director, Public Relations
ccarroll@ulta.com
Source: Ulta Beauty
FAQ
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