Revolution Beauty Group and major shareholder Boohoo Group have announced an agreement, resulting in Boohoo withdrawing its requisitioned meeting and Revolution making changes to its board.
Changes to the Board
Revolution Beauty Group, a London-listed beauty company, has confirmed that CEO Robert Holt and Chair Derek Zissman will step down from the board. However, Holt will continue as interim CEO until the end of August. Chief Financial Officer Elizabeth Lake will retain her position.
Furthermore, Revolution will appoint Alistair McGeorge, Neil Catto, Rachel Horsefield, and Peter Hallett to the board. McGeorge will take on the role of executive chairman, Catto will become a non-independent nonexecutive director, and Horsefield and Hallett will serve as independent nonexecutive directors.
Boohoo Withdraws Requisition of General Meeting
Following the settlement, Boohoo has withdrawn its requisition for a general meeting that was originally scheduled for August 7th. Boohoo's initial request involved the removal of Holt, Zissman, and Lake from Revolution's board, and the appointment of Boohoo's own candidates McGeorge and Catto as directors.
"Boohoo believes the settlement agreement is in the best interests of Revolution Beauty and its shareholders," stated Boohoo in a separate statement.
Bringing Clarity and Focus
Revolution Beauty Group considers this settlement to be a resolution to recent uncertainty. It enables the avoidance of additional costs and disruption associated with alternative courses of action, allowing the company to shift its attention back to core business objectives.
