Boohoo plans for boardroom coup at Revolution Beauty

Boohoo has announced that it has notified the board of Revolution Beauty of its intention to vote against the reappointment of Bob Holt, Derek Zissman, and Elizabeth Lake at the upcoming AGM which has been convened for 27 June 2023.

Boohoo, which is the beneficial owner of approximately 26.6% of the issued share capital of Revolution Beauty Group, is seeking to instead appoint ex-New Look boss Alistair McGeorge and Neil Catto as directors of the beauty business. 

McGeorge is currently the non-executive chairman of East Imperial plc and The Original Factory Shop and chair of The Retail Trust, which provides support to retail employees. Catto is currently a non-executive director of tinyBuild Inc., having been CFO of boohoo from 2011 to 2022.

If appointed, it is expected that Alistair will serve as interim executive chairman and Neil as CFO of Revolution Beauty and that the reconstituted board will then undertake a rigorous process to appoint additional independent directors. 

In light of this, Boohoo has also requested that the existing board of Revolution Beauty does not proceed to appoint Rachel Maguire and Matthew Eatough as directors.

In an official statement the retailer 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, e-commerce and consumer brands experience is required to deliver shareholder value.”