Tuesday 18 July 2023 8:40 am | Updated: Tuesday 18 July 2023 8:42 am

Revolution Beauty chief exec and chair quit in Boohoo settlement as share price soars

TMT Reporter

Boohoo was founded in 2006. (Photo by Rachel Murray/Getty Images for boohoo.com)

The row between Revolution Beauty and Boohoo may finally be nearing an end, with a settlement reached including the departure of the former’s chief exec and chair.

Revolution’s boss Bob Holt and chair Derek Zissman will leave, but Holt will remain as interim boss until the end of August 2023.

Following the news, Revolution Beauty’s share price spiked by seven per cent at the open, with investors pleased at the prospect of a more stable situation.

As part of the agreement, Boohoo has withdrawn its demand for a general meeting, which it threatened as part of a stormy AGM last month.

Boohoo, which has a 26.6 per cent stake in Revolution, kicked out Revolution Beauty’s chief executive, chief financial officer and chairman with a majority vote back in June. At the rocky AGM they were then reinstated almost immediately after by an independent director.

While the scheduled General Meeting on 7 August this year will still take go ahead, the board intends to indefinitely adjourn the meeting pending the approval of shareholders.

This decision is expected to pass, considering the online retailer’s significant stake in Revolution.

The compromise depends on the completion of the BH Agreement between Bob Holt and the Company, expected to happen in the coming days.

Alistair McGeorge, Neil Catto, Rachel Horsefield, and Peter Hallett will join Revolution’s board, with McGeorge taking on the role of executive chairman.

Revolution will soon start hunting for a new chief exec with extensive experience in the beauty, retail, and consumer brands sectors.