Chuck Rubin is stepping down as president and chief executive officer of Ulta Beauty next Thursday to become ceo of arts and crafts retailer Michaels Stores Inc.
Non-executive chairman Dennis Eck will fill in as interim ceo as the company looks for a permanent replacement.
“My choice to pursue an opportunity at another company was not easy, but I believe it is the right decision for me and my family,” Rubin said. “I have very much enjoyed my tenure as president and ceo at Ulta Beauty.”
The firm’s board has set up a search committee and is in the process of retaining a recruiter.
“Ulta Beauty’s Board is committed to conducting a thorough and comprehensive search to identify the best candidate to serve as our next ceo,” Eck said.
“Having served as a member of the Ulta Beauty Board since 2003, I have worked closely with management to develop our current strategy and am confident in our collective ability to lead the company forward during this transition period,” he said.
The beauty retailer also noted that its fourth-quarter sales rose 30 percent to $757 million with an 8 percent comparable-store increase. Ulta reaffirmed its guidance, projecting earnings per share of 96 cents to 98 cents, up from 73 cents a year earlier.