Boohoo looks to muscle out Revolution Beauty board members
Boohoo is looking to replace top members of scandal-hit Revolution Beauty’s board as it looks to take control of the brand.
The online fashion retailer is currently the largest shareholder in Revolution, controlling 26.6% of the cosmetics brand’s share capital.
Boohoo will vote against the reappointment of CEO Bob Holt, non-executive chairman Derek Zissman, and chief financial officer Elizabeth Lake at Revolution’s upcoming annual general meeting (AGM) on June 27.
The retailer will also propose the appointment of Alistair McGeorge and Neil Catto as directors. It is expected that McGeorge will take on the role of interim executive chairman while Catto will be appointed as chief financial operator.
Boohoo added that it expects that the new board will undergo a process to appoint additional independent directors. As a result, Boohoo has requested to the existing Revolution Beauty board that Rachel Maguire and Matthew Eatough are not appointed as directors.
Boohoo said in a statement: “As Revolution Beauty’s biggest shareholder, Boohoo is grateful to Bob, Derek and Elizabeth for stabilising the business. However, as Revolution Beauty transitions to its next phase, where the focus must switch to growth, Boohoo believes a senior leadership team with the right retail, e‐commerce and consumer brands experience is required to deliver shareholder value.”
In response to Boohoo’s statement, Revolution Beauty said: “The board is in the process of reviewing the content and validity of the requisition with its advisers. A further announcement will be made in due course, including with respect to any impact that the requisition may have on the company’s upcoming AGM.
“In the meantime, shareholders are urged to take no action.”
Revolution Beauty recently came under fire after an accounting scandal which found a number of wrongdoings and led to the departure of various senior leadership team members.
During the release of Revolution’s financial results for 2022, which were delayed, CEO Bob Holt slammed some of the business practices as “unacceptable”.