Ulta Beauty CFO to retire, internal replacement named

A change is happening at the top of Ulta Beauty’s finance organization.

Current Ulta Beauty CFO Scott Settersten has informed the company of his decision to retire as CFO, treasurer and assistant secretary after nearly 20 years with the nation’s largest specialty beauty retailer, effective April 1, 2024. 

Paula Oyibo, who presently serves as senior VP of finance at Ulta Beauty, will succeed Settersten as CFO and will report to Dave Kimbell, CEO.

During his more than 10 years as CFO, Ulta Beauty added over 800 new stores, quadrupled its revenue to more than $10 billion in annual net sales, more than tripled its market capitalization to $20 billion, and delivered more than 375% in total shareholder returns. Prior to assuming the role of CFO, Settersten helped develop many of the company’s accounting and finance functions and executed its IPO.

Oyibo joined Ulta Beauty as VP of Finance for merchandise, marketing, and e-commerce in 2019. She currently serves as senior VP, finance since February 2022, where she has oversight of the financial planning & analysis, Tteasury 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.

“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.”

“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.,” said Kimbell. “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.”

“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 customers.”

“I am honored and humbled to assume the role of CFO 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 U.S. beauty retail and generate sustainable growth for our shareholders. I am deeply grateful for Scott’s mentorship over the last several years and wish him all the best in his well-deserved retirement.”

Headquartered in Bolingbrook, Ill., Ulta Beauty operates 1,374 retail stores across 50 states.