Boohoo demands answers as Revolution Beauty gives out shares to top bosses - Indoors Beauty

Boohoo demands answers as Revolution Beauty gives out shares to top bosses

Boohoo demands answers as Revolution Beauty gives out shares to top bosses

Boohoo Group has demanded that Revolution Beauty explains why it has granted shares to its CEO and CFO free of charge, regardless of a majority of individuals voting to take away them from their positions.

Boohoo, which holds a 26.6% stake within the firm, has responded to the information that shares value round £2 million have been awarded to CEO Bob Holt, CFO Elizabeth Lake, and different senior executives.

The reward has been given to them for restoring the corporate’s itemizing after an accounting scandal induced its suspension from the inventory market.

“This all demonstrates an absence of transparency and actions that are self-serving and never in the perfect pursuits of shareholders,” Boohoo stated.

The group has demanded that Revolution Beauty publishes the phrases of shares granted to Holt and Lake, along with any award letters issued to the related people on its web site immediately.

It additionally desires public affirmation that the proposed phrases weren’t amended following the announcement by Boohoo on 19 June of its intention to vote towards the appointments of Holt and Lake on the Revolution Beauty annual normal assembly.

Boohoo stated shareholders weren’t consulted on the free share awards, didn’t approve the phrases, nor approve the appointment of its two predominant beneficiaries as administrators.

The information comes after Boohoo Group accused Revolution Beauty of behaving inappropriately after it defied a shareholder vote at an eventful annual normal assembly earlier this week.

The group tried to oust Revolution Beauty’s CEO Bob Holt, CFO Elizabeth Lake and Chairman Derek Zissman on the AGM by voting towards the re-appointment of three senior administrators to the board.

Votes towards the re-elections secured over 73%, however remaining unbiased director Jeremy Schwartz opted to defy the vote and reinstall the staff afterwards.

About the Author

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like these

X