BOLINGBROOK, Ill. — Ulta Beauty has announced the appointment of Scott Settersten as acting CFO, effective immediately. Settersten replaces Bruce Hartman, who has resigned from his position as CFO by mutual agreement with the company.
“We are fortunate to have Scott serve as acting CFO. 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,” stated Chuck Rubin, president and CEO.
Ulta Beauty stated that Hartman’s separation from the company is not 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 company has initiated a search for a permanent CFO. Settersten will be considered for the permanent CFO position.
Settersten has served as VP accounting since 2010 and was responsible for accounting, tax and external reporting. In his role as VP accounting, 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. Prior to joining Ulta Beauty, Settersten spent 15 years with PricewaterhouseCoopers as a certified public accountant serving in various senior manager roles in the assurance and risk management practices.