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Boohoo coup back on as Revolution Beauty CFO replaced

Online fashion giant Boohoo

Revolution Beauty Group has announced that finance chief Elizabeth Lake will step down from the cosmetics company, and former Boohoo CFO Neil Catto will take over from January 1, 2024.

The latest changes mean that majority shareholder Boohoo, which first sought to take control of the board in June, is a step closer to its aim.

Boohoo has raised its stake in Revolution to over 27% this year, and had called for better management after questions over Revolution’s 2022 accounts.

The top shareholder wanted to see CEO Bob Holt, Chairman Derek Zissman, and Lake removed from the board and replaced with new directors Alistair McGeorge, Catto, and others.

A truce was reached in July, when the companies reached an agreement which saw Holt and Zissman agreeing to step down and Lake continuing to serve as CFO.

Today’s announcement caps a series of management changes at the Kent-headquartered company, which was founded in 2014 and sells makeup and skin care in the UK, U.S. and other international markets.

Catto joined Revolution Beauty during July’s shakeup as a non-executive director.

Separately, the company said it had reached a settlement agreement with co-founder and former chairman Tom Allsworth to pay £270,000 in relation to an accounting probe.

Settlement negotiations with founder and former CEO 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.

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