Boohoo makes big move on Revolution Beauty board

By Mark McSherry

Manchester-based online fashion giant Boohoo announced it will vote against Revolution Beauty Group’s proposed reappointment of CEO Bob Holt, non-executive chairman Derek Zissman and CFO Elizabeth Lake at the upcoming AGM of Revolution Beauty on June 27, 2023.

Boohoo said it is Revolution Beauty’s biggest shareholder with 26.6% of the issued share capital.

Boohoo also said it has requisitioned a general meeting of Revolution Beauty “at which ordinary resolutions will be proposed to remove Bob Holt, Elizabeth Lake and Derek Zissman as directors of Revolution Beauty, and to appoint Alistair McGeorge and Neil Catto as directors.”

McGeorge is a non-executive director of Boohoo and is currently the non-executive chairman of East Imperial plc and The Original Factory Shop.

Catto was CFO of Boohoo from 2011 to 2022 and is currently a non-executive director of tinyBuild Inc.

Boohoo said: “If appointed, it is expected that Alistair will serve as interim executive chairman and Neil as CFO of Revolution Beauty and that the reconstituted board will then undertake a rigorous process to appoint additional independent directors.

“In light of this, Boohoo has also requested that the existing board of Revolution Beauty does not proceed to appoint Rachel Maguire and Matthew Eatough as directors.

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, e-commerce and consumer brands experience is required to deliver shareholder value.”