Revolution Beauty has announced it has reached a £490,000 settlement agreement with co-founder Tom Allsworth.
Revolution Beauty said it would pay Allsworth £490,000 gross (£270,000 after tax), “in respect of certain historical legal fees” Allsworth incurred in the wake of the retailer’s acquisition of beauty products manufacturer Medichem in 2021.
The fast beauty retailer said that co-founder Allsworth will continue his role with the management team of Revolution Beauty Labs.
Revolution Beauty is still continuing to seek a settlement with Allsworth’s co-founder Adam Minto, “relating to the events that led to the delay of the audit” of its 2022 full-year accounts.
The delay in filing the accounts led to the suspension of the brand’s shares on the stock market and an official accounting probe during Minto’s time as chief executive.
Boardroom reshuffle
Revolution Beauty also announced that chief financial officer Elizabeth Lake has decided to step down with immediate effect, but will continue in her role until the end of the year.
She will be replaced as CFO by Neil Catto from January 1, 2024. Catto was group CFO of Boohoo Group for 11 years and previously worked for BT, Carphone Warehouse and Ernst & Young.
The brand also announced that it had appointed Alvarez & Marsal managing director Erin Brookes as a non-executive director with immediate effect.
Chair of Revolution Beauty Alistair McGeorge said: “Neil has been a trusted member of the Board since joining five months ago, and I am pleased that he is now becoming CFO. I have no doubt that his considerable and relevant experience will prove a real asset as Revolution Beauty embarks on its next phase of growth.
“We are also delighted to welcome Erin. She brings a highly relevant skill set and I am confident she will make a significant contribution to our future success.
“At the same time, and on behalf of the Board, I would like to express my sincere thanks to Elizabeth. Her leadership of the finance team over the past 18 months has proven invaluable in returning the business to a steady state. I wish her every success for the future.”
No comments yet