Revolution Beauty, the UK-based cosmetics brand, announced Tuesday that CEO Bob Holt and Chairman Derek Zissman have stepped down from their roles — a major leadership shakeup closely tied to the growing influence of Boohoo Group, the company’s largest shareholder.
A brief overview
Boohoo Pushes for Change
Boohoo, the online fashion giant that increased its stake in Revolution Beauty to 26% last year, has been calling for boardroom changes since last month. Following concerns over Revolution’s 2022 financial reports, Boohoo has been vocal about the need for stronger governance and more capable leadership.
As part of this effort, Boohoo backed the removal of Holt, Zissman, and CFO Elizabeth Lake, proposing replacements from its leadership circle: Alistair McGeorge, Boohoo’s Deputy Chairman, and Neil Catto, a current Boohoo board member and former CFO.
New Board Appointments Confirmed
Revolution Beauty confirmed the appointments of McGeorge as Non-Executive Chairman and Catto as Non-Executive Director. Although Boohoo had pushed for CFO Elizabeth Lake’s removal, she is currently expected to remain in her position.
Bob Holt, who stepped into the CEO role late last year after serving as interim COO, will remain as interim CEO through August. He had assumed the CEO role after former chief executive Adam Minto resigned amid an independent financial investigation.
Fallout from Financial Investigation
The investigation, initiated by the company’s auditors in August, was triggered by concerns over Revolution Beauty’s 2022 financial statements. As a result, trading of the company’s shares was temporarily suspended on September 1.
When shares resumed trading, the stock jumped by 10%, signaling renewed investor interest.
Boohoo’s Influence Growing
In a public statement, Revolution Beauty acknowledged Boohoo’s involvement in reshaping the board:
“The newly appointed directors, introduced at Boohoo’s request, are eager to support Elizabeth Lake in her ongoing efforts to restore a solid financial foundation for the company.”
With Boohoo’s growing influence and a new leadership team in place, Revolution Beauty appears to be entering a critical period of restructuring — one that could redefine its path in the global cosmetics market.
