Shares of Ulta Beauty (NASDAQ: ULTA) were climbing higher last month after the beauty superstore chain posted better-than-expected results in its third-quarter earnings report, showing improvement on the bottom line,

CEO Dave Kimbell is stepping down effective immediately, Ulta said Monday, and will stay on as an advisor through June 28.

Shares of Ulta Beauty Inc. ran higher after hours on Monday after the beauty-products chain appointed a key player in its recently announced comeback plans as its new chief executive and boosted its fourth-quarter outlook.

This leadership change follows the retirement of Dave Kimbell, who has been with Ulta Beauty for eleven years.

Ulta Beauty said CEO Dave Kimbell is retiring after 11 years at the company, and will be replaced by COO Kecia Steelman.

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.

Shares of Ulta Beauty Inc. ULTA slid 0.70% to $428.27 Tuesday, on what proved to be an all-around rough trading session for the stock market, with the S&P 500 Index SPX falling 1.11% to 5,909.03 and Dow Jones Industrial Average DJIA falling 0.42% to 42,528.36.

Kecia Steelman named President and Chief Executive Officer of Ulta Beauty. (Photo: Business Wire)

Ulta Beauty (NASDAQ: ULTA) investors have some good reasons to feel disappointed right now. Its slumping valuation even attracted attention from Warren Buffett's Berkshire Hathaway, yet the famed investor went on to sell almost all of that new position by the following quarter.