Revolution Beauty chief executive Bob Holt and chair Derek Zissman are to step down from their roles as part of the settlement agreement with top shareholder Boohoo.
Boohoo has also agreed to withdraw its request for a general meeting, the beauty brand said on Tuesday.
Revolution Beauty and Boohoo have been engaged in a bitter boardroom battle since June after Boohoo urged the company to remove Holt, CFO Elizabeth Lake and Chairman Derek Zissman from the board – a day after they were all re-appointed.
Both Holt and Zissman will now resign from their posts, with Holt remaining in an interim capacity until 31 August while it looks for a new CEO.
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Lake will remain as CFO to avoid concerns that “the FY23 accounts could be delayed and the company’s trading on AIM once again threatened”, it said.
Former New Look boss Alistair McGeorge, ex-THG beauty CEO Rachel Horsefield and Peter Hallett will join the board as non-executive directors, with McGeorge appointed as executive chairman.
Ex-Boohoo finance boss Neil Catto will also join the board as a non-independent non-executive director due to his previous involvement with Boohoo.
Revolution Beauty said the settlement agreement was in the best interests of the company and its shareholders.
“Entry into the settlement agreement with Boohoo brings to an end the recent uncertainty regarding the company, avoids the ongoing costs and disruption that would be associated with any alternative courses of action, and allows the company to get back to focusing on its core business objectives.”
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