Pure Beauty

Revolution Beauty shareholders revolt over CFO reelection

By Alessandro Carrara | Published: 2-Oct-2023

Revolution Beauty and Booho were embroiled in a month-long spat earlier this year, which resulted in the fast fashion retailer successfully taking over the beauty business’ board in July

Revolution Beauty faced a shareholder revolt over the reelection of CFO Elizabeth Lake.

Over 30% of the beauty brand’s shareholders voted against the motion to reelect Lake at its annual general meeting on 29 September.

In response, Revolution Beauty’s board said it noted the “significant votes received against resolution”.

“Whilst the Directors are disappointed that shareholders have chosen to vote in this way, the Chairman will be happy to engage with the key shareholders on these issues going forward,” a statement from the retailer read.

Revolution was embroiled in a month-long spat with Boohoo earlier this year, which saw the fast fashion retailer attempt to take over the beauty business’ board and oust its senior team.

Revolution Beauty eventually reached a settlement agreement with Boohoo, which is also the brand’s largest shareholder, allowing it to take over its board.

CEO Bob Holt and Chair Derek Zissman both agreed to resign from the leadership team as part of the deal.

Lake’s position within the company remained unaffected during the settlement, however.

In Holt’s place, Revolution Beauty appointed Lauren Brindley to be the new Group CEO, and she officially began the role on 18 September.

Colin Henry and Chris Fry were also appointed as Independent Non-Executive Directors of Revolution Beauty alongside Brindley.

It comes after a tumultuous year for the fast beauty brand, which has been plagued by a damning investigation into management failures at the company.

Revolution Beauty has also struggled with lagging sales, and is currently pursuing legal action against its founder and former chief executive Adam Minto.

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