Revolution Beauty has faced another revolt after 30% of shareholders voted against the re-election of chief financial officer Elizabeth Lake at its AGM.
The beauty group said: “The board notes the significant votes received against [Lake’s re-election].
“Whilst the directors are disappointed that shareholders have chosen to vote in this way, the chairman will be happy to engage with the key shareholders on these issues going forward.”
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Although it wasn’t specified which major shareholder the revolt came from, retail watchers suggested it could be Boohoo after the pair engaged in a very public feud earlier this year.
The fashion group, which owns a 27% stake in Revolution Beauty, successfully outed chief executive Bob Holt after months of toing and froing.
However, Boohoo’s holding amounts to around 86,350,000 shares which surpasses the 48,920,143 voted against the re-election of Lake.
It is thought that one the beauty business’ founders, who each hold an equal shareholding worth less than 50m of votes, could be behind the revolt.
Revolution Beauty launched legal action against its founder and former chief executive Adam Minto back in June.
The beauty group claimed Minto had breached his statutory and contractual duties, which led to the delay of the firm’s 2022 audited financial accounts and the suspension from the London Stock Exchange.
Boohoo declined to comment when approached by Retail Gazette.
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