Revolution Beauty’s chief executive Bob Holt and chair Derek Zissman have “agreed to resign” from its board as the beauty retailer announces it has entered into a “settlement agreement” following an ongoing war of words with fast-fashion retailer Boohoo.
According to a statement published by Revolution Beauty on the London Stock Exchange today, Boohoo has also agreed to withdraw its requisition for a general meeting.
Revolution Beauty said Holt will remain at the business as interim chief executive until the end of next month while the beauty retailer begins its search to “identify a new CEO with extensive experience of the beauty sector, retail and consumer brands”.
The retailer also announced additional appointments to the board including Alistair McGeorge as executive chair and Neil Catto as non-independent non-executive director.
Rachel Horsefield and Peter Hallett will also join the board as independent non-executive directors amid the shake-up.
Revolution Beauty confirmed that Elizabeth Lake will remain as a director and chief financial officer of the retailer, and said the new directors appointed following Boohoo’s request are “looking forward” to supporting her.
The beauty retailer confirmed that all other directors of the company “will remain in post” and that further announcements will be made “as appropriate”.
Revolution Beauty said in the statement: “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.
“This is particularly important for Revolution Beauty in light of the significant disruption that the group has faced in the past year, including the suspension from trading of the company’s shares and an independent investigation, in each case as a result of historical issues in the business, as summarised in the company’s prior announcements.”
Boohoo also published a statement on the London Stock Exchange this morning and added: “Boohoo has entered into a settlement agreement with Revolution Beauty Group plc.
“The settlement agreement, among other things, will result in the reconstitution of the board of Revolution Beauty. Boohoo believes the settlement agreement is in the best interests of Revolution Beauty and its shareholders.”
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