// Boohoo – Ex-THG CEO of beauty Rachel Horsefield will be included in the future independent board appointment process at Revolution Beauty
// The beauty business is planning to postpone its AGM until late July or August
Boohoo wants Ex-THG Beauty CEO Rachel Horsefield to join Revolution Beauty’s board, as it looks to oust the online cosmetic retailer’s leadership team.
In a statement, Boohoo said Horsefield “brings with her a wealth of direct relevant experience and expertise in the beauty sector”.
It added that it “continues to strongly believe that a senior leadership team with the right retail, ecommerce and consumer brands experience is required to deliver value for all shareholders and take Revolution Beauty into its next phase, which must focus on growth.”
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While at THG, Horsefield held a variety of roles including CEO of beauty, head of ecommerce and managing director of the prestige beauty division, as well as serving as board director from 2018 to 2020.
Prior to THG, Rachel was at Boots where she held a variety of roles within ecommerce.
Yesterday Revolution Beauty branded Boohoo’s attempt to take control of the group as “nothing short of value-destructive, opportunistic and self-serving”.
The online retailer revealed it would vote against the reappointment of chief executive Bob Holt, chair Derek Zissman and CFO Elizabeth Lake at its next AGM.
Responding to the announcement, the beauty business said the move was “not being in the interests of the company’s shareholders”.
The fast fashion retailer’s attempt of a coup comes during a tumultuous time for Revolution Beauty, which was forced to suspend its shares last November and delay its 2022 audited financial accounts due to accounting irregularities.
As a result of Boohoo’s plans to oust its leadership team, the group will propose at its AGM next Tuesday to postpone the meeting until late July or August.
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