New CFO at Ulta

Posted on August 23, 2012 @ 08:44 am

Ulta Beauty has announced the appointment of Bruce L. Hartman as chief financial officer, effective September 7, 2012. He will report to Chuck Rubin, president and chief executive officer.
Hartman is an experienced CFO with extensive financial and operational expertise in retailing, consumer products, and real estate. He most recently served as executive vice president, chief administrative officer and chief financial officer of The Yankee Candle Company. Prior to joining Yankee Candle in 2008, Hartman was the executive vice president and CFO of Cushman & Wakefield from 2006 to 2008.

Hartman will succeed Gregg Bodnar, who has held the role of CFO at Ulta Beauty since 2006. In March, Bodnar announced his plans to step down from his position to allow him to relocate to Michigan to attend to a family health issue, and to remain in the position to assist in the hiring and onboarding of a new CFO. He will step down as CFO on September 6, 2012 and will continue to work with Ulta to ensure a smooth transition.

“I want to express my deep gratitude to Gregg Bodnar for his remarkable contributions to Ulta’s growth and success over the past six years,” said Rubin. “Gregg has been a great partner to me and has developed a very strong finance team at Ulta. Gregg and his team have driven exceptional expense management, built a very healthy balance sheet, and overseen consistent and rapid improvement in our financial results. During Gregg’s tenure, Ulta grew from a 200 store chain to a 500 store chain today, added more than a billion dollars in annual sales, and improved its profit margin by 600 basis points.

“We are thrilled that an experienced CFO of Bruce’s caliber is joining the Ulta leadership team,” said Rubin. “His long tenure as a public company CFO, his successful career in a broad range of industries, his strong strategic skills, and his track record in driving sales and profit make him a tremendous asset to our organization. As Ulta matures from a 500 store retailer to a 1,200 store business over the coming years, Bruce’s significant expertise in scaling businesses and real estate will be extremely valuable in helping our company expand its leadership in the beauty industry.”

“I am delighted to be joining Ulta at such an exciting time in the company’s history, and I am impressed with the company’s market position and the passion and talent of the associates. I look forward to partnering with Chuck and the Ulta team to execute our long term growth strategies,” said Hartman.