Shares of Ulta Beauty Inc. ran higher after hours on Monday after the beauty-products chain appointed a key player in its recently announced comeback plans as its new chief executive and boosted its fourth-quarter outlook.

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

This leadership change follows the retirement of Dave Kimbell, who has been with Ulta Beauty for eleven years.

Kecia Steelman named President and Chief Executive Officer of Ulta Beauty. (Photo: Business Wire)

By Savyata Mishra (Reuters) -Cosmetics retailer Ulta Beauty on Monday forecast a strong fourth quarter and said insider Kecia Steelman will replace retiring CEO Dave Kimbell in the top role, sending its shares up 1.

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 Beauty CEO Dave Kimbell is retiring and will be replaced by Kecia Steelman, the company's chief operating officer. Ulta also hiked its fourth-quarter guidance. In a news release, the beauty retailer said the leadership changes are effective as of Monday.

Ulta Beauty announced that CEO Dave Kimbell will retire, with COO Kecia Steelman stepping in as CEO and joining the board effective immediately. The company also raised its fiscal fourth-quarter outlook due to stronger-than-expected holiday performance,