Good morning. Every CFO’s journey to the C-suite is unique. For Paula Oyibo, CFO of retailer Ulta Beauty, it began as a teen in the financial capital of the world.
Growing up, Oyibo, a Chicago native, thought about pursuing journalism. But, at age 16, while visiting her father—a finance executive turned operator—in New York City, she landed a summer job handling clerical duties in an office on Wall Street.
She was captivated by the “hustle and bustle” and complexity of the financial world. “I realized that I didn’t want to be a trader or an investment banker because I was more drawn to business and operations,” Oyibo said. She was especially interested in how finance tells the story of a business.
Oyibo began her role as CFO at Ulta Beauty in April 2024 at age 45, after serving in key leadership roles across the finance organization since 2019. The beauty retailer (No. 360 on the Fortune 500) earned $11.3 billion in annual sales in 2024. Ulta Beauty is led by CEO Kecia Steelman. “I see myself as a copilot to our CEO, helping to shape strategy and drive long-term value for all stakeholders,” Oyibo said. “Of course, I’m the financial steward, but even more, I’m focused on innovation and value creation.”
A focus on the consumer
Oyibo, who earned an MBA from the University of Chicago, previously served in finance and controller roles at Whirlpool Corporation and in senior level auditing and consulting positions with PwC.
“I’ve always been drawn to consumer-centric companies,” Oyibo told me. At Whirlpool, she found a balance between manufacturing complexity and brand-driven consumer focus, gaining hands-on experience with complex financial reporting and multinational operations. The move to Ulta Beauty in 2019 was a continuation of her focus on the consumer and a perfect fit for her personal passion, she said.
“I am a beauty enthusiast,” Oyibo said. “I was in Ulta Beauty stores personally all the time before I actually sat in the CFO seat.” Influenced by her mom and aunts, she learned at an early age that beauty isn’t just about outward appearances—it’s about what’s on the inside. “Ulta Beauty really embodies that,” she explained.
At Ulta Beauty, she held the roles such as SVP of finance and VP of finance for merchandising, marketing, and eCommerce before becoming CFO. “Ulta Beauty carries over 25,000 products across 600 brands and more than 1,400 stores,” Oyibo said. “Understanding assortment and brand partnerships is critical. Our loyalty program, with over 44 million members, gives us rich data to inform marketing strategies.” The company has developed a following that has “allowed it to take share from mall-based stores while competing effectively against Amazon and other e-commerce,” according to Morningstar analysts.
Cultural relevance and financial impact
As a CFO who understands the significance of marketing and partnerships, Oyibo saw Ulta Beauty’s recent partnership with superstar Beyoncé’s Cécred hair care line as a natural fit. Cécred, which launched at Ulta Beauty in April, is now available in over 1,400 stores and online, marking the retailer’s largest haircare launch ever.
“I believe this is such a powerful partnership and a demonstration of how cultural relevance and financial impact can go hand in hand,” Oyibo said. She mentioned that she uses the product herself and on her six-year-old daughter.
Ulta Beauty is also collaborating with Beyoncé’s Cowboy Carter tour, hosting in-store events tied to tour stops and offering customers the chance to shop tour-inspired looks. “As we focus on driving our business for the long term, this is just one example of how we are innovating and evolving,” Oyibo said.
When asked for career advice about reaching the CFO seat, she emphasized the importance of embracing new opportunities and stretch assignments, even when they’re uncomfortable. “The depth and breadth of my experience, and a willingness to be flexible about my career path, were vital to reaching the C-suite,” she said.
Another key factor: mentors. “Building and maintaining relationships, and having mentors who challenged and supported me, made all the difference,” Oyibo said.
Sheryl Estrada
sheryl.estrada@fortune.com
*****
Upcoming event: Emerging CFO: Agentic AI and the Future of Finance
Join us on June 12 from 11 a.m. to noon ET for our next Emerging CFO webinar. AI agents are transforming the workplace and reshaping the boundaries of innovation, driving a new era of efficiency and providing finance leaders with essential tools to innovate and create value across their organizations. In this session, we’ll explore what CFOs need to know about this technology, the opportunity costs involved, and how to effectively use agentic AI to streamline workflows, improve decision-making, and augment human productivity at scale. Featured speakers include Jamie Miller, chief financial officer and operating officer of PayPal; Matt Castonguay, CFO of Team Car Care; and Silvio Savarese, EVP and chief scientist at Salesforce AI Research.
Fortune, in partnership with Workday, convenes this series to support and inspire emerging CFOs and senior finance leaders. You can find out more information and register here.
This story was originally featured on Fortune.com
Recent Comments