Beauty-products seller and salon operator Ulta Beauty (NASDAQ:ULTA) has been without a permanent chief financial officer since ex-CFO Bruce Hartman abruptly left the company in October, after only a six-week stint. But that all ended yesterday, when the company announced that it has confirmed interim CFO Scott Settersten as its new CFO. Formerly Ulta's vice president of accounting, Settersten has kept the CFO's chair warm ever since Hartman's exit last year. Now it seems he'll get to keep it.
The compensation package to go with his new title:
- A $400,000 base salary.
- An annual bonus targeting 50% of base salary (that's $200,000 more).
- Restricted stock "units" worth another $400,000, vesting March 12, 2016.
- Severance of 18 months' salary (under certain conditions).
Ulta shareholders may not mind paying the generous package, however. News of the new CFO appointment has already helped to add more than $22 million to their company's market cap. Ulta shares traded 0.3% higher today, at $87.49.
Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Ulta Salon, Cosmetics, & Fragrance. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.