Boohoo Group PLC, the online fashion retailer, has announced plans to call for a boardroom coup at Revolution Beauty, where it is the largest shareholder. The company has called for the removal of the current CEO Bob Holt, chair Derek Zissman and CFO Elizabeth Lake at its upcoming AGM next week.

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In their place, Boohoo has proposed the appointment of former New Look boss Alistair McGeorge and former Boohoo CFO Neil Catto to head up the business. McGeorge is set to serve as interim executive chairman whilst Catto will act as CFO, with Boohoo later planning to “undertake a rigorous process to appoint additional independent directors”.

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In a statement, Boohoo said: “As Revolution Beauty’s biggest shareholder, Boohoo is grateful to Bob, Derek and Elizabeth for stabilising the business. 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.”

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Revolution Beauty floated on the London Stock Exchange in July 2021, however, trading in its shares has been suspended since 1 September due to its failure to deliver its first audit by 31 August.

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Sources: https://internetretailing.net/boohoo-revolution-beauty/