The chief executive and executive chair of Revolution Beauty will both stand down from their posts for the duration of the independent investigation into audit failures at the retailer.
In a note to the City on Friday, the retailer said chief executive Adam Minto and executive chair Tom Allsworth had “voluntarily agreed to step away from the day-to-day management of the business for the time being” as the investigation into audit failures continues.
Law firm Macfarlanes LLP and consultants Forensic Risk Alliance were asked in September to carry out the independent investigation after auditor BDO raised “serious concerns” over the business’ inability to publish an audit report for the latest financial year.
Revolution Beauty stressed the decision by both men was “not a result of any matter arising from the independent investigation to date”, but because “the group requires an operational leader that can devote their full time and attention to managing the group’s business and lead the ongoing discussions with the group’s stakeholders”.
Allsworth and Minto will remain directors but will not take part in any day-to-day decision making until the investigation is concluded.
The retailer has appointed Bob Holt as interim chief operating officer to run Revolution Beauty for the duration of the investigation.
Holt was most recently chair of SureServe Group, Totally and Mears Group.
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