Revolution Beauty CFO departs as Boohoo saga takes new twist

13th Dec 2023 07:43

(Sharecast News) - The long-running saga at cosmetics company Revolution Beauty Group took a new turn on Wednesday when major shareholder Boohoo got its wish with the departure of finance boss Elizabeth Lake.

Revolution also announced it had reached a settlement deal with co-founder and former chairman Tom Allsworth to pay £270,000 in relation to an accounting probe.

Settlement talks with founder and former chief executive Adam Minto were still ongoing, the company added. It had earlier alleged he breached fiduciary and other duties, and that the company was looking to recover "material sums" in related costs.

Former Boohoo chief finance officer Neil Catto will take on the CFO job from January next year.

The fast-fashion retailer - itself no stranger to controversy - has a 27% stake in Revolution and has been agitating for a boardroom shake-up since June. It wanted to oust chief executive Bob Holt, chairman Derek Zissman, and Lake and replaced with new directors Alistair McGeorge, Catto, and others.

In July, the companies reached a deal that saw Holt and Zissman agree to step down. At the time, the companies said Lake will continue to serve as CFO.

Catto joined Revolution Beauty in July as a non-executive director.

Reporting by Frank Prenesti for Sharecast.com