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Revolution Beauty has announced that CEO Adam Minto has resigned as a director and stepped down from the business “with immediate effect” amid an ongoing accounting probe.
Last month, Minto stepped away from the day-to-day management of the business as an independent investigation was carried out by Forensic Risk Alliance and Macfarlanes.
He has stated that he will continue to support the investigation through to its conclusion however.
Bob Holt OBE has been responsible for the day-to-day running of Revolution Beauty since then, and remains as interim chief operating officer, according to the group.
In its latest update, Revolution Beauty’s board reiterated that the investigation is ongoing, and “no conclusions have been drawn”.
On 23 September, Revolution’s auditor, BDO, identified a number of “serious concerns” that have arisen during the course of its work on the FY22 audit regarding the group’s ability to provide “sufficient and accurate” audit evidence regarding a number of audit areas, and the validity of certain commercial arrangements entered into by the company.
BDO recommended that the board appoint independent external advisers to undertake an independent investigation and report its findings to an independent committee.
As a result, Revolution appointed Macfarlanes LLP and Forensic Risk Alliance to commence an independent investigation. The company also formed an investigation committee of Derek Zissman (non-executive director) and Elizabeth Lake (CFO since June 2022) to lead the process with the independent advisers.
