Revolution Beauty CEO exits as it agrees settlement with Boohoo

Revolution Beauty CEO Bob Holt and Chair Derek Zissman will step down from their roles as part of a settlement agreement with top shareholder Boohoo.

Holt will remain as interim CEO until 31 August 2023, whilst Revolution Beauty searches for a replacement with "extensive experience of the beauty sector, retail and consumer brands".

Former New Look Chair Alistair McGeorge will succeed Zissman as Executive Chairman, whilst ex-Boohoo finance boss Neil Catto will become Non-Independent Non-Executive Director.

Additionally, Rachel Horsefield and Peter Hallett have been appointed as Independent Non-Executive Directors.

Elizabeth Lake will remain as CFO, with the new directors appointed at Boohoo's request "looking forward to supporting Lake with her ongoing hard work on restoring the company to sound financial health".

The group, which owns a stake of around 26.6% in Revolution Beauty, has also agreed to withdraw its request for a general meeting.

"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," Revolution Beauty said in a statement.

Over the past month, Revolution Beauty and Boohoo have released a series of back and forth statements over the control of the troubled cosmetics company.

It began as Boohoo, which holds a 26.6% stake in the company, called for the removal of Revolution Beauty's CEO Bob Holt, Chairman Derek Zissman and CFO Elizabeth Lake at the firm’s annual general meeting on 27 June 2023.

The AGM took place and saw votes of over 73% against the re-elections of Holt, Lake and Zissman. However, remaining independent director Jeremy Schwartz then opted to defy the vote and reinstall the team afterwards.

Revolution Beauty’s shares resumed trading on 28 June, which saw its share price rocket and shares worth around £2 million awarded to Holt, Lake and other senior executives to “reward them for the hard work done”.

Read TheIndustry.beauty's full recap on Revolution Beauty and Boohoo Group's battle for control.