Revolution Beauty names Bob Holt as new CEO
Revolution Beauty has appointed Bob Holt OBE as its new CEO, replacing Adam Minto after his sudden exit earlier this month.
Minto, who founded the company in 2014, quit over issues that emerged after Revolution Beauty’s stock market listing last summer.
Holt has been acting as the firm’s interim chief operating officer since mid-October and it’s hoped that he will help turn things around for the make-up brand.
In a statement, Holt said: “Over the past six weeks I have seen first-hand the quality of people working at Revolution Beauty, the overall popularity of the brand and innovation of products for customers around the world.
“I believe there is a huge opportunity for the business as it moves ahead and I am confident that, together with the team, we will drive the business forward.”
The firm says that the inquiry into the group’s accounts, which is being carried out by Forensic Risk Alliance and corporate law firm Macfarlanes, is still underway and no conclusions have been drawn.
An examination was launched into the company’s auditing practices following a number of ‘serious concerns’ raised by the accountancy firm BDO.
These included issues regarding the retailer’s ability to provide ‘sufficient and accurate audit evidence’ in some areas, and the validity of particular commercial arrangements.
BDO recommended the appointment of external parties to conduct a review, while Revolution also set up an ‘investigation committee,’ led by director Derek Zissman and finance boss Elizabeth Lake, to assist the independent advisers.