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Ulta Salon, Cosmetics & Fragrance, Inc. (NASDAQ:ULTA): Current price $87.47

Ulta announced that Chuck Rubin will step down as President, Chief Executive Officer and Director, effective February 21, 2013, to become CEO at Michael’s Stores, Inc., a specialty retailer of arts and crafts. The Board of Directors has appointed Dennis K. Eck, current Non-Executive Chairman of the Board of Directors, as Interim CEO. Mr. Rubin has agreed to assist the Company during the transition period. The Board of Directors has formed a search committee made up of Mr. Eck, Robert R. DiRomualdo, Charles Heilbronn, and Kenneth T. Stevens to identify a permanent CEO and are in the process of retaining a leading executive recruiting firm to advise the board. The stock is currently down 11%.