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Revolution Beauty names new CEO as beleaguered brand plots turnaround

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

Revolution Beauty appoints Bob Holt as CEO as embattled makeup brand plots turnaround after audit probe

  • Bob Holt OBE has served as the company’s interim chief operating officer since mid-October
  • It is hoped he will help turn things around for the beleaguered brand
  • Adam Minto, who founded the company in 2014, resigned earlier this month over issues that emerged since going public last summer.

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

Minto, who founded the company in 2014, quit over issues after Revolution Beauty went public last summer.

Holt has served as the company’s interim chief operating officer since mid-October and it is hoped he will help turn things around for the beleaguered makeup brand.

Upon news of his appointment, Holt said: “Over the past six weeks I have seen firsthand the quality of the people working at Revolution Beauty, the overall popularity of the brand and the innovation of products for customers. of the whole world.

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

The e-commerce company specifies that the investigation into the group’s accounts, led by Forensic Risk Alliance and the law firm Macfarlanes, is still ongoing and that no conclusion has been drawn.

Holt is currently chairman of health services company Totally and Bristol-based engineering firm Cosgrove & Drew, and previously held the same position for 23 years with the Mears Group.

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

Revolution told investors on Monday that the board believes he is the right person to take the company forward.

A review has been launched into the company’s auditing practices following a number of “serious concerns” raised by accountancy firm BDO.

These included questions about the retailer’s ability to provide “sufficient and accurate audit evidence” in certain areas, and the validity of particular business arrangements.

BDO recommended the appointment of outside parties to conduct a review, while Revolution also set up an “investigation committee”, led by director Derek Zissman and chief financial officer Elizabeth Lake, to assist independent advisers.

No definitive timeline was given for the probe, but Revolution said an update would be released to the market “in due course”.

While that continues, its shares remain suspended on the London Stock Exchange, having already plunged in value since listing in the summer of last year.

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

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The group prides itself on offering “cruelty-free” products, that is to say that they are not tested on animals during the development phase, and on using recycled ingredients.

In a full-year trading update released in May, Revolution said its sales rose 42% to around £194m for the 12 months to February, while underlying profit adjusted had risen to £22m.

But since then the company has reported business difficulties amid a deteriorating economy and challenges stemming from the easing of lockdown restrictions.

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