Revolution Beauty CEO to step down as part of settlement deal with Boohoo
Revolution Beauty has announced that its chief executive Bob Holt and chairman Derek Zissman have agreed to step down as part of a settlement agreement with its major shareholder Boohoo.
However, Holt will remain with the business as interim chief executive until 31 August, and Elizabeth Lake, the company’s chief financial officer, will remain in her position.
Meanwhile, Alistair McGeorge, Neil Catto, Rachel Horsefield, and Peter Hallett will all join the Revolution Beauty board, with McGeorge being appointed as executive chairman of the company, Catto as a non-independent non-executive director, and Horsfield and Hallett as independent non-executive directors.
In turn, Boohoo has agreed to withdraw its request for a general meeting.
Revolution Beauty said: “Entry into the settlement agreement with Boohoo brings to an end the recent uncertainty regarding the company, avoids the ongoing costs and disruption that would be associated with any alternative courses of action, and allows the company to get back to focusing on its core business objectives.”
