During Revolution Beauty’s annual general meeting its chief executive, chief financial officer and chairman have been re-appointed to its board despite shareholder Boohoo leading a successful vote to oust them.
The three directors were reinstated after the online beauty retailer’s AGM left the company with only one director remaining.
Chairman Derek Zissman had previously tried to delay the meeting because Boohoo Group, which owns 26.6% of the company, attempted to take control of the board.
Boohoo has since released a statement voicing its “serious concerns”. The fashion e-tailer said: “The conduct of the remaining independent director (Jeremy Schwartz), who post AGM, contravened corporate governance best practice and disregarded the expressed opinion of the Company’s shareholders.
“This abuse of process resulted in the unilateral appointment of two new non-executive Directors and the re-appointment of the three former Directors who had just been removed from office by the Company’s shareholders.”
Boohoo has now called on the board to reconvene and to remove Bob Holt, Elizabeth Lake and Derek Zissman, while appointing Boohoo’s independent non-executive director and deputy chairman Alistair McGeorge and former CFO and executive director Neil Catto as directors.
While, Revolution Beauty revealed that its shares are due to be restored to trading on AIM today. Earlier this month it reported a 60% rise in sales year-on-year as it claimed it is “appropriate to update all shareholders on the group’s most recent trading performance” despite the requisition notice by Boohoo.
“Revolution Beauty’s Board and management team, supported by their exceptional group of staff, have worked tirelessly for the last 10 months towards resolving the historical issues which have resulted in many detrimental outcomes for the Company’s shareholders and other stakeholders,” the company said in a statement.
