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Dive Brief:
Ulta Beauty CFO Paula Oyibo, who only took on the role about a year ago, has left the company, the beauty retailer said Wednesday.
Chris Lialios, senior vice president and controller, will take over Oyibo’s role on an interim basis as the company searches for a permanent successor. Lialios has served as controller since 2018 and has been with Ulta Beauty for more than 25 years.
Ulta did not immediately respond to a request for comment on the reason for Oyibo’s departure. Oyibo spent nearly six years at Ulta in various finance roles, ending with her time as CFO.
Dive Insight:
Months after former Chief Operating Officer Kecia Steelman took over as Ulta’s CEO in a surprise C-suite switch, the beauty retailer’s chief financial officer has left.
Prior to Oyibo stepping into the CFO spot last year, Scott Settersten had held the position for more than a decade. In a statement on Oyibo’s departure, Steelman thanked the executive for “her contributions and dedication to our company” and expressed thanks for Lialios taking on the role in the interim. Oyibo, for her part, said it was an honor to hold the position and that Ulta is well-positioned to execute on its strategy.
At the same time, the retailer reaffirmed its fiscal 2025 guidance, which calls for comps to be flat to up 1.5%. Ulta in its most recent quarter saw some positive momentum, with net sales growing 4.5% and comps up 2.9%, though the retailer warned that its shoppers are not immune to economic pressures. That came after a year of disappointing performance led the retailer to institute a turnaround plan focused on retail fundamentals like clean and well-staffed stores.
Oyibo is not the only executive to depart since Ulta switched chief executives in January. Chief marketer Michelle Crossan-Matos left the company earlier this year and was replaced by Ulta veteran Kelly Mahoney. Also in the past six months, Chief Store Operations Officer Amiee Bayer-Thomas was named chief retail officer and Ulta brought on Revolution Beauty’s CEO as its new chief merchandising officer.
In addition, Ulta in April confirmed it was pausing on its Target shop-in-shop expansion efforts in order to invest in the existing 600 or so locations. However, the retailer is expanding in other ways, including through an entrance into Mexico planned for this year.