Ulta Beauty Names New Finance Chief

There will be a change in the financial office at Ulta Beauty as Scott Settersten, the retailer’s current chief financial officer, treasurer and assistant secretary, will retire this coming April. Paula Oyibo, senior vice president of finance, will succeed Settersten as CFO and will report to Dave Kimbell, chief executive officer.

Oyibo joined Ulta Beauty in 2019 as vice president of Finance for Merchandise, Marketing, and eCommerce. She currently serves as senior vice president, Finance since February of 2022 where she has oversight of the Financial Planning & Analysis, Treasury and Non-Merchandise Procurement functions. Prior to joining Ulta Beauty, Oyibo served in finance and controller roles at Whirlpool Corporation and in senior level auditing and consulting positions with PwC.

“Since joining Ulta Beauty in 2019, Paula has established herself as a trusted partner and visionary leader, particularly as we navigated the pandemic, ultimately helping the company emerge in a position of leadership and strength,” said Kimbell. “Her deep knowledge and understanding of our business, experience leading finance organizations, and strong commitment to nurturing talent and an inclusive culture make her the ideal person to serve as Ulta Beauty’s next CFO.”

Oyibo replaces Settersen, who spent more than 10 years as Ulta’s CFO. During his tenure, the company added more than 800 new stores, quadrupled its revenue to more than $10 billion in annual net sales, more than tripled its market capitalization to $20 billion today, and delivered more than 375% in total shareholder returns. 

Prior to assuming the role of CFO, Settersten played an integral part in developing many of the company’s accounting and finance functions and executing Ulta’s initial public offering.

“Scott has had a tremendous impact on Ulta Beauty as a key member of our leadership team and a passionate steward of our business for nearly two decades,” Kimbell said. “From his early days of supporting Ulta Beauty’s initial public offering to his more than a decade as CFO, Scott helped guide Ulta Beauty through times of significant transformation and expansion. The impressive shareholder returns achieved throughout his tenure are a testament to his leadership and disciplined approach to driving profitable growth.”