Boohoo and Revolution Beauty have brought an end to their ongoing feud with the signing of a settlement agreement that will see major board changes at the beauty retailer.\r\n\r\nAs part of the agreement, CEO Bob Holt OBE and chairman Derek Zissman agreed to resign from Revolution\u2019s board, although Holt will remain as interim CEO until 31 August 2023.\r\n\r\nThe settlement also saw Boohoo agree to withdraw its requisition of a general meeting. Earlier this month, reports surfaced that Boohoo was considering requisitioning a second EGM to remove additional Revolution directors and appoint more independent board members.\r\n\r\nFollowing the peace deal, Alistair McGeorge, Neil Catto, Rachel Horsefield and Peter Hallett will join the board of Revolution, with McGeorge appointed as executive chairman. Catto will become a non-independent non-executive director, while Horsefield and Hallett become independent non-executive directors.\r\n\r\nMeanwhile, Elizabeth Lake will remain as CFO. Revolution said the new directors appointed at Boohoo's request \u201care looking forward to supporting Elizabeth with her ongoing hard work on restoring the company to sound financial health\u201d.\r\n\r\nIn an update regarding the agreement, Revolution Beauty said: \u201cEntry into the settlement agreement with Boohoo brings to an end the recent uncertainty regarding the company, avoids the ongoing costs and disruption that would be associated with any alternative courses of action, and allows the company to get back to focusing on its core business objectives.\u00a0\u00a0\r\n\r\n\u201cThis is particularly important for Revolution Beauty in light of the significant disruption that the group has faced in the past year, including the suspension from trading of the company's shares and an independent investigation, in each case as a result of historical issues in the business, as summarised in the company's prior announcements.\u201d\r\n\r\nAn ongoing battle between the two companies first began when Boohoo, which owns a 26.6% stake in Revolution, attempted a boardroom coup of the group.\u00a0\r\n\r\nBoohoo then criticised Revolution and raised \u201cserious concerns\u201d after the beauty company reappointed three executives immediately after they were removed at its annual meeting last month.\u00a0\r\n\r\nAt the time, Holt, Lake, and Zissman were all voted out of their positions with a nearly 75% majority for each. However, remaining board member Jeremy Schwartz was elected with a 99% majority and subsequently rehired Holt, Lake and Zissman alongside two new non-executive directors.\r\n\r\nWhile Boohoo criticised the move, Revolution said it received \u201cvery positive reaction from all stakeholders\u201d following its actions, adding that the move was \u201cfirmly validated\u201d from the stock market response, which saw its shares rise. It noted that rehiring its directors was the only way to secure readmission to trading on AIM.\r\n\r\nThe company\u2019s shares were restored last month after being suspended for six months when it failed to produce financial results on time.