Boohoo seeks greater control of Revolution Beauty in boardroom coup

In a statement released on the London Stock Exchange, the fashion retailer said it had “notified the board of Revolution Beauty of its intention to vote against the reappointment” of chief executive Bob Holt, chair Derek Zissman and chief financial officer Elizabeth Lake at the beauty brand’s upcoming annual general meeting on June 27.

In a boardroom coup, Boohoo said it will also call a separate general meeting to remove the top bosses and appoint Boohoo’s non-executive director Alistair McGeorge as interim executive chair and Boohoo’s former financial officer Neil Catto as chief financial officer of Revolution Beauty respectively.

Boohoo said the reconstituted board will “undertake a rigorous process to appoint additional independent directors” and asked shareholders not to proceed with the appointment of Rachel Maguire and Matthew Eatough as directors.

Boohoo said: “As Revolution Beauty’s biggest shareholder, Boohoo is grateful to Bob, Derek and Elizabeth for stabilising the business.

“However, as Revolution Beauty transitions to its next phase, where the focus must switch to growth, Boohoo believes a senior leadership team with the right retail, ecommerce and consumer brands experience is required to deliver shareholder value.”

Revolution Beauty confirmed that it had received the requisition notice. It said that if the requisition were successful, “it would comprise a majority of the board, alongside current director Jeremy Schwartz”.

The beauty brand urged shareholders to take no further action till a further announcement is made on the impact that a requisition may have on the company.

Revolution Beauty said: “The board is in the process of reviewing the content and validity of the requisition with its advisers.

“A further announcement will be made in due course, including with respect to any impact that the requisition may have on the company’s upcoming AGM.”