// Bob Holt OBE, who had been drafted in as interim COO, has been hired as Revolution Beauty’s new CEO
// The brand’s previous CEO, founder Adam Minto, stood down earlier this month in the wake of accountancy issues
Embattled Revolution Beauty has hired a new CEO following the departure of its founder amid an accounting probe.
Bob Holt OBE, who has previously led listed firms such as SureServe Group and Mears Group, had been acting as interim chief operating officer since 14 October but has now been given the top job with immediate effect.
The listed beauty brand, a favourite of Gen Z shoppers, had its shares suspended in September after auditor BDO raised “serious concerns” over its inability to publish a report for its latest financial year.
Revolution Beauty’s accounts did not provide sufficient evidence for claims in key areas, BDO said.
Earlier this month Revolution Beauty founder Adam Minto quit as CEO of the business he founded in 2014 as the Gen Z favourite beauty brand’s. Fellow co-founder and chairman Tom Allsworth has also stepped back.
The retailer said that the board believes that Holt “is the right person to drive the business forward”.
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An independent investigation is currently carried out by Forensic Risk Alliance and Macfarlanes into Revolution Beauty’s accountancy issues. The retailer confirmed this remained ongoing, and “no conclusions have been drawn” yet.
Holt said: “Over the past six weeks I have seen first-hand the quality of people working at Revolution Beauty, the overall popularity of the brand and innovation of products for customers around the world.
“I believe there is a huge opportunity for the business as it moves ahead and I am confident that, together with the team, we will drive the business forward.”
Earlier this summer, Boohoo made a strategic investment in Revolution Beauty taking its shareholding in the retailer to 7.1%.
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