Boohoo intent on clearing out Revolution Beauty boardroom
Online retail group, boohoo, is pressing on with its plans to replace the board at Revolution Beauty Group with its own nominees.
The Manchester-based e-tailer holds 26.6% of shares in the online beauty products retailer.
Earlier this week it proposed moves to install its own team at Revolution, which suspended trading in its shares on September 1, last year, due to it being unable to complete its audit for the financial year ended 28 February 2022 or publish its annual report and accounts by 31 August 2022.
It said it will vote against the reappointment of Bob Holt, Derek Zissman, and Elizabeth Lake at Revolution’s upcoming June 27 AGM.
Boohoo has also requisitioned a general meeting where it proposes to remove Bob Holt, Elizabeth Lake and Derek Zissman as directors, and to appoint boohoo non-executive directors Alistair McGeorge and Neil Catto as directors.
Revolution responded by proposing to postpone the AGM to a later date, and accused boohoo of “hostile” and “value destructive” actions.
It added: “Boohoo’s actions appear to be a cynical attempt to seize control of the company without financial outlay nor any compensation to Revolution Beauty shareholders, and would appear to be a reckless strategy unless boohoo were confident of support from other shareholders of the company.”
But this morning (June 22) boohoo revealed it intends to include Rachel Horsefield in its “future independent board appointment process”.
Ms Horsefield most recently worked as CEO of Beauty at THG plc, and boohoo says she brings with her a wealth of direct relevant experience and expertise in the beauty sector.
A stock exchange announcement this morning said: “Boohoo continues to strongly believe that a senior leadership team with the right retail, e-commerce and consumer brands experience is required to deliver value for all shareholders and take Revolution Beauty into its next phase, which must focus on growth.”
While at THG Ms Horsefield held a variety of roles including CEO of Beauty, Head of e-Commerce and Managing Director of the Prestige Beauty Division, as well as being a board director from 2018 to 2020. Prior to THG, She was at Boots where she held a variety of roles within e-commerce.
