Revolution Beauty CEO resigns as it agrees settlement with Boohoo - Indoors Beauty

Revolution Beauty CEO resigns as it agrees settlement with Boohoo

Revolution Beauty CEO resigns as it agrees settlement with Boohoo

Revolution Beauty CEO Bob Holt and Chair Derek Zissman will step down from their roles as a part of a settlement settlement with high shareholder Boohoo.

Holt will stay as interim CEO till 31 August 2023, while Revolution Beauty searches for a substitute with “in depth expertise of the wonder sector, retail and client manufacturers”.

Former New Look Chair Alistair McGeorge will succeed Zissman as Executive Chairman, while ex-Boohoo finance boss Neil Catto will turn out to be Non-Independent Non-Executive Director.

Additionally, Rachel Horsefield and Peter Hallett have been appointed as Independent Non-Executive Directors.

Elizabeth Lake will stay as CFO, with the brand new administrators appointed at Boohoo’s request “trying ahead to supporting Lake with her ongoing arduous work on restoring the corporate to sound monetary well being”.

The group, which owns a stake of round 26.6% in Revolution Beauty, has additionally agreed to withdraw its request for a normal assembly.

“Entry into the settlement settlement with Boohoo brings to an finish the latest uncertainty relating to the corporate, avoids the continued prices and disruption that may be related with any different programs of motion, and permits the Company to get again to specializing in its core enterprise aims,” Revolution Beauty stated in a press release.

Over the previous month, Revolution Beauty and Boohoo have launched a sequence of backwards and forwards statements over the management of the troubled cosmetics firm.

It started as Boohoo, which holds a 26.6% stake within the firm, known as for the removing of Revolution Beauty’s CEO Bob Holt, Chairman Derek Zissman and CFO Elizabeth Lake on the agency’s annual normal assembly on 27 June 2023.

The AGM came about and noticed votes of over 73% towards the re-elections of Holt, Lake and Zissman. However, remaining impartial director Jeremy Schwartz then opted to defy the vote and reinstall the workforce afterwards.

Revolution Beauty’s shares resumed buying and selling on 28 June, which noticed its share worth rocket and shares price round £2 million awarded to Holt, Lake and different senior executives to “reward them for the arduous work completed”.

Read TheBusiness.magnificence’s full recap on Revolution Beauty and Boohoo Group’s battle for management.

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