The Body Shop’s CEO David Boynton will step down at the end of April after five years at the helm.
Ian Bickley, the Board Director at The Body Shop’s owner Natura & Co, will take over as interim CEO while the company searches for a successor.
The Body Shop declined to comment on the reason behind his departure, but have praised Boynton’s tenure with the business.
He led the company during the Covid-19 pandemic and the war in Ukraine, managing the subsequent global supply chain and cost inflation challenges.
“On behalf of the entire Natura & Co Board, we want to acknowledge and thank him for his leadership,” said Fabio Barbosa, Natura & Co's Group CEO.
Boyton’s exit from the company comes amid a challenging trading period for the legacy British body care brand.
In March, The Body Shop posted its fourth consecutive quarter of declining sales, with revenues down by 8.4%.
This came one month after it slashed over 25% of its leadership team and made 12% of its overall staff redundant.
The Body Shop also recently closed its At-Home business in the US and its dedicated distribution centre in the UK.
The brand said it is exploring cost savings initiatives to deliver margin expansion and increase cash generation.
The Body Shop has struggled with lagging sales for a number of years
“I’m leaving with real confidence in the future of The Body Shop – there are strong foundations, a clear, compelling plan and the talent to deliver that plan,” he said.
“Keep up the great work team, you should be proud of all we have accomplished together and please know you have been incredible to work with.
“I’ll be cheering you on from the sidelines and wishing you only wonderful things.”
Natura & Co’s recent sale of Aesop to L'Oréal for US$2.52bn could provide a turning point for The Body Shop.
The Brazilian beauty manufacturer said the sale was made to strengthen its balance sheet, allowing for further investments to be made into the Latin American market.
At the same time, it stated that this could also open up opportunities for it to improve The Body Shop´s business model.
Aesop’s sales marks the end of the Australian luxury cosmetics brand’s decade-long ownership under Natura & Co.
