Ulta Beauty CEO Dave Kimbell is retiring and will be replaced by Kecia Steelman, the company's chief operating officer. Ulta also raised its fourth-quarter guidance, saying it expects modest growth of comparable sales.

Cosmetics retailer Ulta Beauty said on Monday insider Kecia Steelman will replace retiring CEO Dave Kimbell in the top role, and forecast a strong fourth quarter, sending its shares up about 2% in extended trading.

Steelman, who is currently chief operating officer at the beauty retailer, will step into the role as Dave Kimbell retires.

Investing.com -- Ulta Beauty Inc (NASDAQ: ULTA) said on Monday that its Chief Executive Officer Dave Kimbell will retire after 11 years and will step down from the company’s board.

Ulta Beauty has named Kecia Steelman as its chief executive, succeeding David Kimbell, as the company aims to reaccelerate its growth amid a global slowdown in the beauty market.

Dave Kimbell, the chief executive officer of Ulta Beauty, is stepping down effective immediately. Kecia Steelman, president and chief operating officer, will succeed him as president and CEO and will join the company's board.