Boohoo has unveiled plans for a boardroom coup at Revolution Beauty, where it is the largest shareholder, and has called for the removal of top bosses.
The online fashion retailer, which owns 26.6% of the beauty brand, will vote against the reappointment of Revolution Beauty’s CEO Bob Holt, chair Derek Zissman and CFO Elizabeth Lake at its AGM next week.
Boohoo features in RetailX 2023 Europe Fashion report
Instead, the company wants to appoint former New Look boss Alistair McGeorge and former Boohoo CFO Neil Catto to head up the business.
The etailer has also earmarked McGeorge to serve as interim executive chairman whilst Catto will act as CFO, as it later plans to “undertake a rigorous process to appoint additional independent directors”.
“As Revolution Beauty’s biggest shareholder, Boohoo is grateful to Bob, Derek and Elizabeth for stabilising the business,” Boohoo said in a statement.
“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, ecommerce and consumer brands experience is required to deliver shareholder value.”
Trading in the struggling beauty brands shares has been suspended since 1 September following its failure to deliver its first audit by 31 August. The company floated in July 2021.
