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

Key Takeaways Ulta Beauty said CEO Dave Kimbell is retiring after 11 years at the company, effective Monday.Kimbell will be succeeded by Chief Operating Officer Kecia Steelman.The cosmetics retailer also said it expects its fourth-quarter operating margin to land above the high end of its previously estimated range.

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.

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.

Ulta said in a news release that the leadership changes take effect on Monday. Steelman will also replace Kimbell on

CEO Dave Kimball announced his retirement on Monday and will step down as the company’s chief executive and board member. He will be replaced by the company’s COO Kecia Steelman. Kimball will remain at the company to serve as an adviser through June 28.