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Revolution Beauty has reached a settlement agreement with its former CEO and co-founder Adam Minto, following an initial announcement on 13 December.
The former CEO will pay the company a settlement sum of £2.9m in six annual instalments, with the first payment of £483,333.35 due on 28 March. Subsequent payments will be made on the same date each year until 2029.
The news comes after the group and Minto entered into a settlement agreement last Friday (2 February).
This was due to the events that led to the delay of the group’s FY22 results audit and the suspension of trading of Revolution Beauty’s shares on AIM during Minto’s time as CEO.
It is understood that there was “no admission or acceptance of liability” by either party.
As a result, Revolution Beauty and Minto have agreed to the full and final settlement of certain claims between them.
Alistair McGeorge, non-executive chairman of Revolution Beauty, said: “We are very pleased to have reached an agreement with Adam. This, together with the revised payment schedule agreed in December 2023 for the acquisition of Medichem, means we can now focus on the future.
“We look forward to providing an update on our strategy at our upcoming Capital Markets Event on 8 February 2024″.
