With today’s resignation of Revolution Beauty Group plc’s chief legal officer Elizabeth Lake, majority shareholder boohoo’s comprehensive coup of the AIM-listed cosmetics company is complete.
Lake’s resignation follows the resignations of chairman Derek Zissman and chief executive Bob Holt earlier this year after boohoo Group plc demanded a major shake-up of the board.
Former Walgreens exec Lauren Brindley was brought in as the new boss, with Alistair McGeorge becoming non-executive chair.
Lake was initially tipped to remain, but will now be replaced by current non-executive director and ex-boohoo chief financial officer Neil Catto, effective from the first day of 2024.
Following the raft of resignations and replacements, boohoo, which holds a 26% stake in Revolution Beauty, has effectively wrested control of the beleaguered company.
Co-founders Adam Minto and Tom Allsworth quit the beauty company back in September 2022 following an accounting probe which led to its shares being suspended on AIM.
Shares have tanked 80% since going public in 2021 and have struggled to bounce back from the lows of December 2022, when its suspension from the AIM market was lifted.
In June, Revolution’s board announced potential legal proceedings against Minto for breaches of fiduciary duties.