Ulta CEO Departing for Michaels

Michaels Stores, Inc. announced it has named Chuck Rubin as its CEO and a member of its board. Rubin, currently the president and CEO of Ulta Beauty, will assume his new role after a brief period of transition.

At Ulta, Rubin successfully led his team in driving record revenue and earnings growth, as well as creating significant shareholder value for one of the largest beauty retailers in the U.S. He joined Ulta Beauty as COO in May 2010 and assumed the position of president and CEO later that year as part of a planned CEO succession process.

Rubin is set to step down on February 21, 2013, and in his absence, Ulta has appointed Dennis K. Eck, current non-executive chairman of the board, as interim CEO. Additionally, Rubin has agreed to assist the Ulta during the transition period.

"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," said 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."

In the wake of this news, Ulta's board has formed a search committee comprising Eck, Robert R. DiRomualdo, Charles Heilbronn, and Kenneth T. Stevens to being a search to identify a permanent CEO and is in the process of retaining a leading 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," said 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."

"Ulta Beauty has delivered exceptional sales growth and operating margin improvement through the successful execution of our multi-year growth strategy," continued Eck. "With a strong management team, a deep bench of talent throughout the company and the support of our board, we will continue to build on the positive momentum of our business with a strong focus on executing our strategy. Having served as a member of the Ulta Beauty board since 2003, I have worked closely with management to develop our current strategy and am confident in our collective ability to lead the Company forward during this transition period."

Eck has served as non-executive chairman of the board of directors and a director of Ulta Beauty since 2003. Prior to that, he served in various executive roles with Coles Myer, one of Australia’s largest retailers, from 1994 to 2001 where he was CEO and a member of the board of Coles Myer LTD Australia from November 1997 to September 2001. Prior to 1994, Eck served in various executive roles with Vons Companies, Inc. and American Stores, Inc.

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