More musical chairs at Revolution Beauty: chief financial officer Elizabeth Lake will exit the company December 31, the British beauty company said. Former Boohoo Group CFO Neil Catto will step into the role from January 2024.
2023 has been a tumultuous year for Revolution Beauty as the company reshuffled its executive ranks after Boohoo, its largest shareholder, issued public calls for better management. In 2022, the company had previously suspended trading and elected not to disclose its annual results after auditors flagged issues with its accounting.
In a statement, Lake said that the business is back to profitability, and as such, it was the right time for her to “explore new opportunities.” In her 18-month tenure, Lake oversaw the resumption of share trading, as well as the shoring up of internal financial controls.
Revolution Beauty also announced a settlement with Tom Allsworth, former executive chairman and co-founder, who had faced an accounting probe related to the company’s acquisition of another one of his ventures, Medichem (now called Revolution Beauty Labs), in 2021.
Revolution will pay Allsworth £270,000 ($338,000), and he will continue in the management team of Revolution Beauty Labs.
A settlement negotiation with former chief executive officer Adam Minto is still ongoing, the company said.
Erin Brookes, managing director at management consultancy firm Alvarez & Marsal joined the company’s board as an independent non-executive director.
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