Makeup firm Revolution Beauty announced that its CEO Bob Holt and chairman Derek Zissman have agreed to step down from the company as part of a settlement deal with leading shareholder Boohoo over board changes.

Online fashion retailer Boohoo, which raised its stake in Revolution to over 26%, sought board changes at Revolution Beauty last month, calling for better management after questions over its 2022 accounts.

Boohoo wanted Holt, Zissman and CFO Elizabeth Lake removed from the Revolution Beauty board and replaced with new directors Alistair McGeorge, Neil Catto and others.

McGeorge is Boohoo’s deputy chairman, while Catto is an executive director at Boohoo.

Revolution Beauty said McGeorge has been appointed executive chairman and Catto a non-executive director, but that CFO Elizabeth Lake would remain in her role.

Revolution Beauty said: “Bob Holt OBE and Derek Zissman have agreed to resign from the board of Revolution Beauty, although Bob will remain with the business as interim CEO until 31 August 2023 …

“Alistair McGeorge, Neil Catto, Rachel Horsefield and Peter Hallett will join the board, with Alistair being appointed as executive chairman of the company, Neil becoming a non-independent non-executive director, and Rachel and Peter becoming independent non-executive directors …

“Elizabeth Lake will remain as CFO.  The new directors appointed at Boohoo’s request are looking forward to supporting Elizabeth with her ongoing hard work on restoring the company to sound financial health, including with respect to ensuring the timely publication of the company’s accounts for the financial year ended 28 February 2023 …”