Ulta Beauty (NASDAQ: ULTA) (the “Company”) today announced that Chuck Rubin will step down as President and Chief Executive Officer and as a director, effective February 21, 2013, to become Chief Executive Officer at Michaels Stores, Inc., a specialty retailer of arts and crafts. The Board of Directors has appointed Dennis K. Eck, current Non-Executive Chairman of the Board of Directors, as Interim Chief Executive Officer. Mr. Rubin has agreed to assist the Company during the transition period.
Ulta Beauty noted that Mr. Rubin’s departure from the Company is not related to any disputes with management or the Board of Directors, the Company’s operational performance, financial condition or issues regarding the integrity of the Company’s financial statements or accounting policies and practices.
“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,” said Mr. Rubin. “I have very much enjoyed my tenure as President and CEO at Ulta Beauty, working alongside some of the industry’s finest talent. I am proud of what we have accomplished together and am confident that the Company will continue to drive value creation for shareholders and other important stakeholders through the execution of its growth strategy.”
The Board of Directors has formed a search committee comprising Mr. Eck, Robert R. DiRomualdo, Charles Heilbronn, and Kenneth T. Stevens. The committee has begun a search to identify a permanent CEO and is in the process of retaining a leading executive recruiting firm to advise the Board.
“Ulta Beauty’s Board is committed to conducting a thorough and comprehensive search to identify the best candidate to serve as our next CEO,” said Dennis Eck, Ulta Beauty’s Interim Chief Executive Officer and Non-Executive Chairman of the Board. “On behalf of the Board, I would like to thank Chuck for his service to the Company. Chuck has been a valuable member of our Board and leadership team and we wish him the very best in his future endeavors.”