Ulta Beauty has tapped COO Kecia Steelman to take over as chief executive. Crain's retail reporter Ally Marotti talks with host Amy Guth about the next chapter for the Bolingbrook-based chain.

Plus: Hemp regulation bill dies in Springfield, dealing a political blow to Gov. Pritzker; McDonald's retires some diversity goals in latest corporate DEI retreat; Illinois task force recommends tornado shelters in warehouses following deadly storm; social media startup for influencers and brands sells for $250 million and investment firm leaving LaSalle Street for Wacker Drive.