Revolution Beauty Group shareholder Boohoo said on Monday it intends to vote against the reappointment of CEO Bob Holt at the company, which is currently reviewing its working capital and aiming to restore trading in its shares.
Revolution Beauty shares tanked in August last year and were suspended from trading on Sept. 1 after its auditors raised concerns in relation to its financial accounts and the company failed to publish its 2022 annual results.
In late September British online fashion retailer Boohoo disclosed it held a stake in Revolution Beauty while the company struggled to resolve its accounting issues and launched an independent investigation into concerns that had emerged during the audit.
Weeks later, then executive chairman Tom Allsworth stepped away from day to day business and eventually resigned, although the company said Allsworth stepping away was not connected to the investigation.
Holt was appointed interim chief operating officer at the time and on Nov. 28 he was named as CEO.
Boohoo, which holds about a 26.6 percent stake in Revolution, on Monday said it has sought a general meeting where it intends to propose the appointment of non-executive director Alistair McGeorge as Revolution Beauty’s director.
It said if appointed, McGeorge would serve as interim executive chairman of Revolution Beauty.
The company, which published its delayed annual results in May, published results for the first half of 2023 this month.
It said it was working with advisers Zeus Capital to restore trading in its shares in the near term, but did not provide a timeline.
By Chandini Monnapppa, Radhika Anilkumar and Sinchita Mitra; Editor: Jason Neely
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