The board of directors has appointed Dennis K. Eck, current non-executive chairman of the board of directors, as interim CEO. Rubin has also agreed to assist the company during the transition.
“My choice to pursue an opportunity at another company was not easy, but I believe it is the right decision for me and my family,” says Rubin. “I have very much enjoyed my tenure as president and CEO at ULTA Beauty, working alongside some of the industry’s finest talent. I am proud of what we have accomplished together and am confident that the company will continue to drive value creation for shareholders and other important stakeholders through the execution of its growth strategy.”
ULTA Beauty noted that Rubin’s departure from the company isn’t related to any disputes with management or the board of directors, the company’s operational performance, financial condition or issues regarding the integrity of the company’s financial statements or accounting policies and practices.
The board of directors has formed a search committee—comprised of Eck, Robert R. DiRomualdo, Charles Heilbronn and Kenneth T. Stevens—to identify a permanent CEO and is in the process of retaining an executive recruiting firm to advise the board.
“ULTA Beauty’s board is committed to conducting a thorough and comprehensive search to identify the best candidate to serve as our next CEO,” states Eck. “On behalf of the board, I would like to thank Chuck for his service to the company. Chuck has been a valuable member of our board and leadership team, and we wish him the very best in his future endeavors.”
Rubin joined ULTA as COO in May 2010, assuming the position of president and CEO later that year as part of a planned CEO succession process. Prior to that he spent six years with Office Depot, where he served as executive vice president and chief merchandise and marketing officer, rising to president North American retail.
He will become Michaels Stores CEO and a member of the company's board of directors after a brief period of transition.
As of December 29, 2012, ULTA operates 550 stores across 45 states and also sells products through its website.
Michaels Stores is North America's largest specialty retailer of arts, crafts, framing, floral, wall décor and seasonal merchandise for the hobbyist and do-it-yourself home decorator. As of Feb. 14, 2013, the company owns and operates 1,099 Michaels stores in 49 states and Canada, and 126 Aaron Brothers stores.
[Image courtesy of ULTA Beauty]