Revolution Beauty Reappoints CEO Despite Boohoo’s Protest — Retail Bum

Revolution Beauty has reappointed chief executive Bob Holt to its board of directors, defying its shareholder Boohoo’s requisition.

In addition, Rachel Maguire and Matthew Eatough were appointed as directors after the company’s annual meeting left Jeremy Schwartz as its sole director.

Holt’s reappointment came after Schwartz, Maguire, and Eaton voted to bring him back. The trio also voted to bring back Chief Finance Officer Elizabeth Holmes and Chairman Derek Zissman to the board even though almost three-quarters of shareholders opposed it, with the goal of lifting the suspension of the company’s stock trading.

Revolution Beauty’s stocks were suspended on September 1, 2023, after auditor BDO raised red flags over the company’s finances and failure to publish its 2022 annual results.

Boohoo, which owns a 26.6% stake in Revolution Beauty, said it has serious concerns over the firing and immediate rehiring of the three executives.

“Boohoo fails to see how such a board can claim to be acting in the best interests of shareholders and is instead self-serving, as demonstrated by its actions over the last 24 hours,” the company said, adding that it was still pursuing a boardroom clearout and the appointment of a new board that…