Interim COO Bob Holt Named CEOBoohoo Becomes Company’s Largest ShareholderAccounting Investigation Continues
Nov 28 (Reuters) – British makeup group Revolution Beauty (REVB.L) said on Monday that online fashion retailer Boohoo (BOOH.L) had become its largest shareholder after earlier naming Bob Holt as its new CEO.
Boohoo, in a statement, confirmed that it increased its strategic investment in Revolution Beauty to around 26%.
Earlier Monday, Revolution Beauty said Holt had taken over as CEO. His predecessor, Adam Minto, resigned less than three weeks ago following an independent accounting investigation.
Trading in Revolution Beauty shares was suspended on September 1 after the company failed to publish final results for the year ended February 28 due to accounting problems that led the group’s auditor to order an investigation in August.
Holt, 68, who has been the company’s interim chief operating officer since Oct. 14, previously held senior positions at home energy services group SureServe Group (SURS.L) and housing and social care provider Mears Group (MERG.L).
The former Minto boss, who left the company on November 9, initially stepped away from day-to-day management of the company along with Chief Executive Tom Allsworth in October, as the company further delayed the presentation of final year-end results. February 28th.
Minto at the time said his temporary absence was to help with accounting research.
Revolution Beauty said the investigation was ongoing and no conclusion had been reached.
Boohoo’s stake increase makes it the largest single shareholder in Revolution Beauty ahead of Minto and Allsworth.
Last week, asset manager Jupiter Fund Management (JUP.L), which owned 8.43% of the company, dumped its stake in the group.
A regulatory filing by the makeup group on Monday showed that Boohoo, which previously held a stake of around 13% in Revolution Beauty, increased its stake last Thursday and Friday.
Reporting by Sinchita Mitra in Bangalore; Edited by Saumyadeb Chakrabarty and Barbara Lewis
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