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Revolution Beauty has announced that it has reached a settlement with Tom Allsworth, the former executive chairman and co-founder of the company.
The retailer has agreed to pay Allsworth an ex gratia payment of £270,000 net, £490,000 when grossed up for taxes.
This is in respect of certain historical legal fees incurred by him in connection with, among other things, the investigation of matters related to the Medichem SPA.
Alongside this news, Elizabeth Lake has confirmed her decision to stand down from the board as CFO with immediate effect.
However, Lake will remain with the business in this role until 31 December 2023.
She will be replaced as CFO by current non-executive director Neil Catto with effect from 1 January 2024.
Catto joined the board in July 2023 as a non-executive director having previously been Group CFO of Boohoo for 11 years.
The company also announced the appointment of Erin Brookes to the board as an independent non-executive director with immediate effect.
Alistair McGeorge, chairman, 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.”
Lake added: “My focus over the past 18 months has been on addressing the well-documented issues the business has faced. During that time, we have significantly strengthened the Group’s financial position, improved internal controls and implemented a full set of accounting policies that enabled the filing of the Group’s financial statements and the resumption in trading of Revolution Beauty’s shares.
“With the business back to profitability and well placed for sustainable profitable growth, it is the right time for me to explore new opportunities. I would like to thank my colleagues for their hard work and dedication, and I wish them all the best as they continue to drive the business forwards.”
