Revolution Beauty chief financial officer Elizabeth Lake is stepping down from her role, as the group reaches a settlement with co-founder Tom Allsworth.
The makeup retailer said it would pay Allsworth £490,000 “in respect of certain historical legal fees” he was met with after the business bought beauty supplier Medichem.
Revolution Beauty is still seeking a settlement with its other co-founder Adam Minto, related to events that caused a delay of an inspection of its full-year accounts last year.
The hold-up in the company filing its accounts led to the suspension of its shares on the stock market while Minto was its CEO.
Meanwhile, Lake will be replaced by the business’s current non-executive director, ex-Boohoo CFO Neil Catto, with effect from 1 January 2024.
Catto joined the group’s board in July 2023 as a non-executive director, and was at Boohoo for 11 years.
The exec also previously held senior finance roles at BT, Carphone Warehouse and EY.
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The company’s chairman Alistair McGeorge said: “Neil has been a trusted member of the Board since joining five months ago, and I am pleased that he is now becoming CFO.
“I have no doubt that his considerable and relevant experience will prove a real asset as Revolution Beauty embarks on its next phase of growth”.
Revolution Beauty has also appointed Alvarez & Marsal managing director Erin Brookes to its board as an independent non-executive director.
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