Boohoo, Revolution Beauty’s top shareholder, urged the beauty products retailer to call for a general meeting without further delay to remove executives including CEO Bob Holt from the board, a day after he was reappointed.
UK-based Revolution Beauty on Tuesday said Rachel Maguire and Matthew Eatough were appointed as directors after its annual general 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 last year, after the company’s auditors raised concerns over its financial accounts and the company failed to publish its 2022 annual results.
The London-listed firm lifted the suspension on Wednesday and shares were up more than 47 percent in early trade.
British online fashion retailer Boohoo, which holds about 26.6 percent in Revolution Beauty, had earlier said it had sought a general meeting where it intended to also propose the appointment of Alistair McGeorge and Neil Catto as new directors.
McGeorge is Boohoo’s deputy chairman, while Catto is an executive director and the company’s former finance chief.
“Boohoo remains supportive of a lifting of the suspension, but not at the expense of doing so with a board that has proven to behave inappropriately,” Boohoo said in a statement.
Revolution Beauty said on Tuesday it would propose resolutions as requisitioned by Boohoo in its general meeting expected to be held in late July or early August.
By Eva Mathews; Editors: Sonia Cheema and Rashmi Aich
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