Ulta Salon, Cosmetics & Fragrance (ULTA: Quote) announced Thursday morning that Chuck Rubin will step down as President and Chief Executive Officer and as a director, effective February 21, 2013, to become Chief Executive Officer at Michaels Stores. The company said that its board has appointed Dennis Eck, current Non-Executive Chairman of the Board of Directors, as Interim Chief Executive Officer.
Ulta Salon gapped open sharply lower Thursday, but traded in a range throughout the session. The stock finished with a loss of 11.69 at $87.80 on the highest volume of the year. Ulta Salon sank to a 3-month low and dropped below both its 50 and 200-day moving averages.
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by RTT Staff Writer
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