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
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Leaderboard
Jeroen Grasman was appointed CFO of Vaxart, Inc. (Nasdaq: VXRT), effective May 19. Grasman succeeds Phillip Lee, who is resigning from his position as CFO for personal reasons. Grasman brings more than 20 years of financial leadership experience in the biotechnology industry. He most recently served as CFO at AltruBio. Before that, Grasman served as VP of finance and operations at PACT Pharma and as VP of finance at Intarcia Therapeutics.
Christopher Kelly Wall was appointed SVP, CFO and Treasurer of BlueLinx Holdings Inc. (NYSE: BXC), a U.S. wholesale distributor of building products, effective May 19. Wall, a seasoned finance executive with 30 years of experience, most recently served as EVP and CFO of The Aaron’s Company, Inc. Before that, Wall held senior financial leadership roles at CNG Holdings and TMX Finance, following a 17-year career at Bank of America Merrill Lynch.
Big Deal
Tariffs are certainly top of mind for executives. A new analysis by S&P Global Market Intelligence finds that tariff-related discussions in the earnings calls of S&P 500 companies have surged since the U.S. presidential election in November 2024, with tariffs joining inflation as one of the most widely mentioned topics.
The consumer sector had the biggest increase in company earnings calls that mentioned tariffs, with the topic coming up in 64 calls in the six months following the election compared to 10 calls in the six months preceding it. The industrials sector followed, with the number of calls mentioning tariffs climbing to 61 from 10, according to the report.
Other keywords and phrases covered by the analysis included inflation, interest rates, recession, ESG, sustainability, and artificial intelligence.
Going deeper
“Apple probes next frontier with new brain implant standard. But what it really needs is to sell more iPhones” is a new Fortune report by Verne Kopytoff
From the report: “Apple showcased its latest sci-fi vision on Tuesday by announcing that users of its products may one day be able to control them with brain signals. If achieved, with the help of brain implants, it would mark another huge milestone for the company. The initiative, aimed at helping only disabled users, at least for now, shows that Apple still has its eye on cutting-edge innovation. But it also highlights the company’s challenge: Much of that innovation isn’t destined for the general public or ready to be a big seller any time soon.”
Overheard
“It’s really adding to that emotional experience. People feel like, ‘Okay, when I have this chocolate, it’s for me, it’s my treat. It’s the moment to myself.’”
—Aidaly Sosa Walker, head of U.S. marketing for Tony’s Chocolonely, told Fortune in an interview. The small chocolate brand hit Netherlands markets in 2005—and two decades later, U.S. shoppers are craving a bite. The business earned about $230 million in revenue last year, bolstered by its partnerships with Ben & Jerry’s, ALDI, and Feastables.
