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Ulta Beauty announced its board unanimously appointed Scott Settersten as acting CFO, effective immediately. Settersten replaces Bruce L. Hartman, who took on the role in early September 2012 and now has resigned from his position as CFO by mutual agreement with the company.
Chuck Rubin, Ulta’s president and CEO, said, “We are fortunate to have Scott serve as acting chief financial officer. Scott’s exceptional finance and accounting experience will serve Ulta Beauty well as we move forward. During his seven years at Ulta Beauty, Scott has demonstrated a keen financial aptitude and excellent leadership and management capabilities. Scott is committed to serving as acting CFO where he will lead our experienced and dedicated finance team. Ulta Beauty continues to excel in the marketplace due to our strong business model, superior execution results and strong growth potential for the future.”
Ulta Beauty noted Hartman’s separation from the company is not related to any disputes with management or the board, the company’s operational performance, financial condition or issues regarding the integrity of the company’s financial statements or accounting policies and practices.
The Ulta Beauty board also has initiated a search for a permanent CFO, and Settersten will be included in consideration for the permanent CFO position.
Settersten has served as Ulta’s vice president of accounting since 2010 and was responsible for accounting, tax and external reporting. In that role, he has also overseen investor relations and has worked closely with the audit committee and board of directors. He joined Ulta Beauty in January 2005 as a director of financial reporting, and before joining Ulta, Settersten spent 15 years with PricewaterhouseCoopers LLP as a certified public accountant serving in various senior manager roles in the assurance and risk management practices.