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

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.

Kecia Steelman succeeds Kimbell and his 11-year tenure.

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.

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