// Revolution Beauty CEO Adam Minto and exec chair Tom Allsworth stand down amid audit investigation
// An independent investigation is being carried out into audit failures at the beauty retailer
Revolution Beauty’s chief executive and executive chair will both stand down from their roles while an independent investigation is carried out into audit failures at the beauty retailer.
The company said CEO Adam Minto and executive chair Tom Allsworth had “voluntarily agreed to step away from the day-to-day management of the business for the time being”.
This takes place after the investigation into audit failures launched in September continues.
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Law firm Macfarlanes LLP and consultants Forensic Risk Alliance were appointed to manage the independent investigation after auditor BDO expressed “serious concerns” over its inability to publish an audit report for the latest financial year.
Revolution Beauty said the decision for both executives to step down “is not a result of any matter arising from the independent investigation to date”.
It is because “the group requires an operational leader that can devote their full time and attention to managing the group’s business and lead the ongoing discussions with the group’s stakeholders”.
Allsworth and Minto will remain as directors of the company but will not participate in any day-to-day decision making until after the investigation.
Revolution Beauty has appointed Bob Holt as interim chief operating officer, to help for the duration of the investigation.
