Good morning. Ulta Beauty, the largest specialty beauty retailer in the U.S., has a new finance chief.
Following an external search, the company selected Christopher DelOrefice, who will begin his tenure on Dec. 5; Chris Lialios will continue to serve as interim CFO until then. DelOrefice succeeds former CFO Paula Oyibo, who left the company in June.
He joins Ulta Beauty (No. 375 on the Fortune 500) from medical technology company Becton Dickinson & Co., where he has served as EVP and CFO since September 2021. Before that, DelOrefice spent over 20 years with Johnson & Johnson in various financial leadership roles, including VP of investor relations, VP of finance, and CFO of 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 Fortune. “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 grew its annual sales to $11.3 billion in 2024 from $912 million in 2007, thanks to opening more than 1,000 stores and maturing its e-commerce platform, according to a recent report by Morningstar senior equity analyst David Swartz. While Ulta Beauty faces strong competition and rapid product innovation, its loyal customer base has enabled it to capture market share from mall-based retailers and compete effectively against Amazon and other e-commerce players, he wrote.
Morningstar believes Ulta Beauty can further reduce costs and expand by leveraging customer data and growing its premium product offering. The firm forecasts Ulta Beauty will expand its domestic store base by about 20% over the next decade, with long-term, same-store sales growth of 4%.
Steelman, president and CEO since January, joined Ulta Beauty in 2014 and has held several leadership roles. She views DelOrefice as a strategic partner who will help fuel the company’s next chapter.
Sheryl Estrada
sheryl.estrada@fortune.com
Leaderboard
Vitor Roque, SVP of finance, business units and corporate financial planning and analysis, has been named interim CFO at BD (Becton, Dickinson and Company) (NYSE: BDX), a global medical technology company. Chris DelOrefice, EVP and CFO, will depart the company effective Dec. 5 for the CFO role at Ulta Beauty. BD is conducting a search to identify a permanent successor.
Jonathan Mir was appointed CFO of Bitfarms Ltd. (Nasdaq/TSX: BITF), a North American energy and digital infrastructure company, effective Oct. 27. Bitfarms’ current CFO, Jeff Lucas, is retiring and will remain on as a strategic financial advisor and consultant through Q1 2026. Mir has more than 25 years of capital markets experience in energy infrastructure. He spent most of his career at Lazard Inc., where he served as head of North American power, energy and infrastructure. Most recently, Mir was a managing director in Bank of America’s Natural Resources and Energy Transition group.
Big Deal
Deloitte's inaugural "2025 GenAI in M&A Survey" provides insight into generative AI use in dealmaking and what trends are emerging within investment and deployment of the technology.
A key finding is that investment in generative AI will increase. Among respondents, 83% have invested $1 million or more in the technology, specifically for their M&A teams (88% of private equity, 77% of corporate). Many anticipate increasing their generative AI investments over the coming 12 months either slightly (54% of private equity, 58% of corporate) or significantly (24% of private equity, 28% of corporate).
"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.
The findings are based on a survey of 1,000 corporate and private equity leaders across major industries in the U.S.
Going deeper
Walmart said it is providing employees with AI tools and training. That includes promoting AI literacy across its workforce by offering OpenAI Certifications and rolling out ChatGPT Enterprise to teams across the company.
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 Fortune 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.
