Ulta Beauty, the leading specialty beauty retailer in the U.S., has appointed a new finance head.
TL;DR
- Ulta Beauty appointed Christopher DelOrefice as new CFO, starting December 5th.
- DelOrefice previously held finance leadership roles at Johnson & Johnson and Becton Dickinson & Co.
- He will help execute Ulta Beauty's "Unleashed" strategy focused on growth and new ventures.
- Ulta Beauty's sales reached $11.3 billion in 2024, with plans for store expansion and digital engagement.
After an external search, the company appointed Christopher DelOrefice, commencing his role on December 5th; Chris Lialios will remain interim CFO until that date. DelOrefice takes over from former CFO Paula Oyibo, who departed the company in June.
He comes to Ulta Beauty (No. 375 a Coins2Day 500 company) from Becton Dickinson & Co., a medical technology firm, where he held the position of EVP and CFO starting in September 2021. Prior to this, DelOrefice accumulated more than two decades at Johnson & Johnson, occupying several financial leadership capacities such as VP of investor relations, VP of finance, and CFO for North America consumer.
“I am honored to welcome Chris to the Ulta Beauty family as chief financial officer,” Kecia Steelman, Ulta Beauty’s president and CEO, told Coins2Day. “Since stepping into the CEO role earlier this year, I have been focused on building a team that reflects our vision for growth, and I’m proud to say that we have found the right talent to take us into the future.”
DelOrefice will be instrumental in executing the Ulta Beauty “Unleashed” strategy, Steelman said. Announced in March 2025, the strategy outlines three key priorities: driving core business growth, scaling new ventures such as the UB Marketplace, and realigning for success. The plan aims to increase market share by expanding internationally, enhancing in-store experiences, broadening wellness and product assortments, and deepening digital engagement.
“Ulta Beauty is a formidable market leader in the beauty category,” DelOrefice said in a statement, expressing confidence in the company’s growth opportunities ahead.
Ulta Beauty's annual sales reached $11.3 billion in 2024, a significant increase from $912 million in 2007. This growth, as detailed in a recent report by Morningstar senior equity analyst David Swartz, is attributed to the company's expansion of over 1,000 stores and the enhancement of its online sales capabilities. Swartz noted that despite facing intense competition and swift product advancements, Ulta Beauty's dedicated customer following has allowed it to gain ground on mall-based businesses and effectively contend with Amazon and other online retailers.
Morningstar suggests Ulta Beauty could achieve further cost reductions and expansion through the strategic use of customer data and an enhanced premium product selection. The company projects Ulta Beauty will increase its domestic store footprint by approximately 20% within the next ten years, anticipating sustained same-store sales growth of 4%.
Steelman, who has led the company as president and CEO since January, began her tenure at Ulta Beauty in 2014, progressing through various leadership positions. She regards DelOrefice as a key collaborator essential for driving the company's future growth.
Sheryl Estrada
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Leaderboard
Vitor Roque, who holds the title of SVP of finance, business units, and corporate financial planning and analysis, has been appointed interim CFO at BD (Becton, Dickinson and Company) (NYSE: BDX), a worldwide medical technology firm. Chris DelOrefice, currently EVP and CFO, will be leaving the company on December 5th to assume the CFO position at Ulta Beauty. BD is currently undertaking a search to find a permanent replacement.
Effective October 27, Jonathan Mir took on the role of CFO for Bitfarms Ltd. (Nasdaq/TSX: BITF), a company focused on North American energy and digital infrastructure. Bitfarms' current CFO, Jeff Lucas, is stepping down to retire but will continue to serve as a strategic financial advisor and consultant until the first quarter of 2026. Mir brings over 25 years of capital markets expertise in energy infrastructure, having spent a significant portion of his career at Lazard Inc. As the head of North American power, energy, and infrastructure. Prior to this appointment, Mir held a managing director position within Bank of America's Natural Resources and Energy Transition division.
Big Deal
Deloitte's first-ever "2025 GenAI in M&A Survey" offers a look at how generative AI is being used in dealmaking and highlights emerging trends in the technology's investment and implementation.
A significant discovery reveals that funding for generative AI is set to grow. A substantial majority of those surveyed, 83%, have already allocated at least $1 million to this technology, particularly for their M&A divisions (88% in private equity, 77% in corporate). Furthermore, a considerable portion expects to boost their generative AI spending in the next year, with 54% of private equity firms and 58% of corporations anticipating a modest rise, and 24% of private equity and 28% of corporations foreseeing a substantial increase.
"While it's still early innings for the technology, and M&A application is currently concentrated on pre-sign activities, organizations are looking ahead to its potential to help inform decision making, uncover new sources of value, and drive post-deal synergies," Erik Dilger, managing director of Deloitte Financial Advisory Services LLP, said in a statement.
These conclusions stem from a survey conducted among 1,000 leaders from both corporate and private equity sectors, representing key industries within the U.S.
Going deeper
Walmart announced it's equipping its staff with AI technologies and educational programs. This initiative involves fostering AI understanding throughout its workforce by Providing OpenAI Certifications and deploying ChatGPT Enterprise to various company teams.
Overheard
"If you only sell to the U.S., you have to diversify."
—Tan Su Shan, CEO of Singapore-based DBS, one of Southeast Asia’s largest banks, said during the Coins2Day Most Powerful Women Summit on Tuesday that her response to an uncertain economy is to diversify. She assumed the chief executive role in March, just days before President Donald Trump announced new tariffs as part of his administration’s agenda.