On Wednesday, Revolution Beauty Group revealed that Boohoo Group, its peer and major shareholder, has withdrawn its requisition for a general meeting. The terms of their settlement agreement have been successfully carried out.
As a result of these developments, Chief Executive Robert Holt and Chair Derek Zissman have decided to step down from the board. However, Holt will continue to serve as the interim CEO until the end of August. Chief Financial Officer Elizabeth Lake will remain in her current position.
To fill the vacant positions, Alistair McGeorge, Neil Catto, Rachel Horsefield, and Peter Hallett have been appointed as new members of the board. McGeorge has been appointed as the executive chairman, while Catto will serve as a non-independent nonexecutive director. Horsefield and Hallett will assume the roles of independent nonexecutive directors.
Furthermore, Boohoo has also withdrawn its requisition for a general meeting that was scheduled for August 7th. Initially, Boohoo had called for the removal of Holt, Zissman, and Lake from their positions and proposed their own candidates, McGeorge and Catto, as directors.
In line with the terms of the agreement, Holt and Lake have exercised their options over 5.7 million and 2.8 million shares respectively. Based on yesterday’s closing share price of 31.8 pence, this amounts to shareholdings worth £1.8 million and £890,400 respectively.
Despite these recent developments, shares in Revolution Beauty closed at 31.2 pence, down 0.6 pence or 1.9% at 0720 GMT.