In a notable leadership shakeup at one of the nation’s largest beauty retailers, Ulta Beauty has announced the departure of Chief Financial Officer Paula Oyibo, just over a year after her appointment to the role.
The company made the announcement on June 25, signaling a key transition during a pivotal period for the brand.
Oyibo, who originally joined Ulta Beauty in 2019 and was elevated to CFO in April 2024, succeeded longtime finance chief Scott Settersten. Her exit, for reasons undisclosed by the company, comes as Ulta continues its push to implement the strategic growth blueprint known as the Ulta Beauty Unleashed plan.
“It has been my honor to serve as CFO for Ulta Beauty,” Oyibo said in a statement. “I am extremely proud of our team’s accomplishments and believe Ulta Beauty is well-positioned to execute the Ulta Beauty Unleashed plan.”
In the interim, Ulta has tapped veteran finance executive Chris Lialios to step into the CFO role. Lialios, who has served as Senior Vice President and Controller since 2018, brings more than 25 years of experience with the company. He first joined Ulta in 1999 and has held numerous leadership roles, playing a critical part in financial reporting, internal controls, and accounting policy.
“Chris has been a respected leader on Ulta Beauty’s finance team for more than 25 years, and we are thankful to him for stepping into this important interim role as we conduct a search for our next CFO,” said Ulta Beauty CEO and President Kecia Steelman. “We’re confident that his deep familiarity with our business, coupled with his financial expertise and leadership style, will ensure a smooth transition.”
Ulta has partnered with a leading executive search firm to identify a permanent successor as it navigates this high-profile departure.
Oyibo’s exit is seen as significant due to the timing—coming less than three months after her formal promotion—and the broader implications for diversity in executive leadership within the beauty industry.
Her departure also underscores the high stakes involved in maintaining continuity during a time when Ulta is refining its brand strategy and responding to dynamic market demands.
