Economy

Revolution Beauty names new CEO for beleaguered brand.

Revolution Beauty names Bob Holt as CEO as embattled makeup brand plans turnaround after audit probe

  • Bob Holt OBE has been acting as the company’s interim COO since mid-October.
  • It is expected to help turn things around for the embattled brand.
  • Adam Minto, who founded the company in 2014, resigned earlier this month due to issues that arose since its listing last summer.

Revolution Beauty has named Bob Holt OBE as its new CEO, replacing Adam Minto after his sudden departure earlier this month.

Minto, who founded the company in 2014, stepped down over issues that arose after Revolution Beauty’s IPO last summer.

Holt has been acting as the firm’s interim chief operating officer since mid-October and is expected to help turn things around for the embattled makeup brand.

Revolution Beauty has announced the appointment of Bob Holt OBE as its new CEO following the sudden departure of Adam Minto

Commenting on the news of his appointment, Holt said: “Over the past six weeks, I have seen firsthand the quality of the people who work at Revolution Beauty, the overall popularity of the brand and the innovation of products for clients around the world. “.

“I think there is a great opportunity for the business as it progresses and I am confident that together with the team we will drive the business forward.”

The e-commerce company says the investigation into the group’s accounts, which is being carried out by the Forensic Risk Alliance and corporate law firm Macfarlanes, is still ongoing and no conclusions have been drawn.

Holt currently serves as president of the Totally healthcare services business and engineering firm of Bristol-based Cosgrove & Drew, having previously held the same role for 23 years at Mears Group.

During his tenure at Mears, Holt built the housing and social care provider from a little-known contractor with 83 staff to one with turnover in excess of £900m and over 12,000 staff on its books.

Former Revolution Beauty Boss Adam Minto With Singer Alexandra Burke

Former Revolution Beauty boss Adam Minto with singer Alexandra Burke

Revolution told investors Monday that the board believes he is the right person to jumpstart the business.

An examination of the company’s auditing practices has been launched following a series of “serious concerns” raised by accounting firm BDO.

These included issues related to the retailer’s ability to provide ‘sufficient and accurate audit evidence’ in some areas, and the validity of particular business agreements.

BDO recommended the appointment of external parties to conduct a review, while Revolution also set up an ‘investigative committee’, headed by director Derek Zissman and chief financial officer Elizabeth Lake, to assist independent advisers.

No definitive timeline for the investigation has been given, but Revolution stated that an update will be released to the market “in due course”.

While that is ongoing, its shares remain suspended from the London Stock Exchange, as their value has plummeted since they were listed in the summer of last year.

Founded in 2014, the Kent-based retailer sells hair, skincare and makeup products in over 100 countries, including Superdrug, ASOS and Boots stores in the UK.

The group prides itself on offering “cruelty-free” products, meaning they are not tested on animals during the development stage, and on using recycled ingredients.

In a full-year business update published in May, Revolution said its sales had risen 42 per cent to around £194m for the 12 months to February, while adjusted underlying earnings had risen to £22m.

But since then, the company has reported that trade is struggling amid a worsening economic backdrop and challenges stemming from the easing of lockdown restrictions.

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Jacky

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