Revolution Beauty’s Chief Executive Officer Bob Holt would quit the beauty products retailer if there is a settlement with Boohoo over board changes, Sky News reported this morning.
Boohoo, Revolution’s largest single shareholder, in June attempted a boardroom coup, including Holt’s removal, at the online fashion brand’s AGM.
Boohoo’s attempt initially appeared successful with shareholders approving its proposed board changes, however the deposed board members were immediately reappointed by remaining director Jeremy Schwartz.
Boohoo is likely to revisit its plans at a new AGM set for August 7, with Revolution urging shareholders to vote against the company’s biggest single shareholder.
In an apparent sign of detente, however, Revolution has now said in a statement: “The board believes that a compromise position with boohoo is close and could be reached in the coming days. If the board were able to reach a compromise, this would avoid the expense, administrative burden and other detrimental consequences for the company that would result from the general meeting.
“If this compromise position is not reached in the coming days, the board will publish an announcement setting out its views on boohoo’s proposed resolutions, the general meeting, and the situation in which the company has been placed.”
