Revolution Beauty on Tuesday announced the re-appointment of chief executive officer Bob Holt to the board of the UK-based beauty products retailer just after its annual meeting, against shareholder Boohoo’s requisition.
The company also said Rachel Maguire and Matthew Eatough were appointed as directors after the annual meeting left Jeremy Schwartz as the sole director of the company.
Schwartz, along with the newly appointed directors, then re-appointed Holt, chief financial officer Elizabeth Lake and chairman Derek Zissman to the board even after majority shareholders voted against their election, to ensure suspension of trading of the company’s stock can be lifted.
Revolution Beauty’s shares were suspended from trading on Sept. 1 after the company’s auditors raised concerns over its financial accounts and the company failed to publish its 2022 annual results.
Tuesday’s appointment and re-appointment goes against Boohoo’s requisition to remove Holt, Lake and Zissman from the board.
Boohoo, a British online fashion retailer that has a roughly 26.6 percent stake in Revolution Beauty, had also urged for Alistair McGeorge and Neil Catto to be appointed as new directors.
Revolution Beauty said it will propose resolutions as requisitioned by Boohoo in its general meeting expected to be held in late July or early August.
The annual general meet was proposed for adjournment but was rejected by Boohoo’s representatives at the meeting.
The London-listed company now expects suspension in trading of its shares to be lifted imminently.
By Anchal Rana; Editors Krishna Chandra Eluri and Maju Samuel
Learn more:
UK’s Revolution Beauty Alleges Former Boss Minto Breached Duties
Revolution Beauty Group said on Tuesday it had sent a letter of claim to founder and former chief executive officer Adam Minto in May, alleging he breached fiduciary and other duties and that the company was looking to recover “material sums” in related costs.
