BOLINGBROOK, Ill. — Ulta Beauty president Dave Kimbell will succeed Mary Dillon as chief executive officer and will be nominated to stand for election to the company’s board of directors, according to the company. Dillon will transition to the role of executive chair of the board of directors. Kecia Steelman, currently chief store operations officer, will be elevated to the role of chief operating officer.

The changes will take effect following the company’s annual shareholders meeting, scheduled for June 2.

Dillon intends to serve as executive chair for a one-year term and, with the board of directors, will continue to help guide strategy while supporting Kimbell in his transition. In her eight years as CEO, Dillon developed and nurtured the company’s winning, inclusive culture and drove significant business growth, having more than tripled market capitalization to more than $18 billion today, doubled the retailers’ fleet of stores, more than doubled its loyalty members and significantly drove its e-commerce capabilities. During her tenure, Ulta Beauty joined both the S&P and Fortune 500 listings and delivered total shareholder return of 245%.

“Thanks to Mary’s outstanding leadership, the future is very bright at Ulta Beauty,” said Kimbell. “Our dynamic business plays a unique and important role in the beauty industry and in our guests’ lives — and we are committed to continue operating with deep respect for that role while innovating and winning together.”

As part of this transition, Ulta Beauty’s current chair, Robert DiRomualdo, will retire from the board after serving three years in the role of chair and 17 years total on the board. The company also announced Lorna Nagler, who has served on the board since 2009, will become lead independent director working with Dillon in her executive chair role.

“It has been the honor of my career to lead the Ulta Beauty family for the last eight years and a true joy to have been inspired by our dedicated associates and beauty-loving guests daily. Our strategies, culture and continuous innovation have strengthened our business model, ensuring we are well positioned to continue leading the industry,” commented Dillon, who said that now was the right time to begin the CEO transition.