Bosses at failing online makeup retailer Revolution Beauty must go, says top shareholder Boohoo
Holding: Boohoo has an approximately 26.6% stake in Revolution Beauty
Boohoo has revealed plans for a coup in the boardroom of the troubled Revolution Beauty. The online fashion conglomerate is the makeup retailer’s largest shareholder and has called for top bosses to be removed.
Boohoo — which has a roughly 26.6 percent stake in Revolution Beauty — plans to vote against the reappointment of CEO Bob Holt, chairman Derek Zissman and chief financial officer Elizabeth Lake at the company’s annual general meeting of shareholders next Tuesday.
It has also requested a separate general meeting to oust the three bosses.
Boohoo wants to replace them with his non-executive director and former New Look chairman Alistair McGeorge as interim executive chairman, and his former finance boss Neil Catto as finance chief.
A spokesperson for Boohoo said it believes “a senior leadership team with appropriate retail, e-commerce and consumer brand experience is required to create shareholder value.”