Holding: Boohoo owns a stake of around 26.6% in Revolution Beauty
Boohoo has revealed plans for a boardroom coup at troubled Revolution Beauty. The online fashion group is the make-up retailer’s biggest shareholder, and has called for the removal of top bosses.
Boohoo – which owns a stake of around 26.6 per cent in Revolution Beauty – plans to vote against the reappointment of chief executive Bob Holt, chairman Derek Zissman and chief financial officer Elizabeth Lake at the firm’s annual general meeting for shareholders next Tuesday.
It has also requested a separate general meeting to oust the three bosses.
Boohoo wants to replace them with its non-executive director and former New Look chairman Alistair McGeorge as interim executive chairman, and its former finance boss Neil Catto as finance boss.
A Boohoo spokesman said it believed ‘a senior leadership team with the right retail, e-commerce and consumer brands experience is required to deliver shareholder value’.
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