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Boohoo demands answers as Revolution Beauty gives out shares to top bosses

Sophie Smith
29 June 2023

Boohoo Group has demanded that Revolution Beauty explains why it has granted shares to its CEO and CFO for free, despite a majority of people voting to remove them from their positions.

Boohoo, which holds a 26.6% stake in the company, has responded to the news that shares worth around £2 million have been awarded to CEO Bob Holt, CFO Elizabeth Lake, and other senior executives.

The reward has been given to them for restoring the company’s listing after an accounting scandal caused its suspension from the stock market.

“This all demonstrates a lack of transparency and actions which are self-serving and not in the best interests of shareholders,” Boohoo said.

The group has demanded that Revolution Beauty publishes the terms of shares granted to Holt and Lake, together with any award letters issued to the relevant individuals on its website without delay.

It also wants public confirmation that the proposed terms were not amended following the announcement by Boohoo on 19 June of its intention to vote against the appointments of Holt and Lake at the Revolution Beauty annual general meeting.

Boohoo said shareholders were not consulted on the free share awards, did not approve the terms, nor approve the appointment of its two main beneficiaries as directors.

The news comes after Boohoo Group accused Revolution Beauty of behaving inappropriately after it defied a shareholder vote at an eventful annual general meeting earlier this week.

The group attempted to oust Revolution Beauty's CEO Bob Holt, CFO Elizabeth Lake and Chairman Derek Zissman at the AGM by voting against the re-appointment of three senior directors to the board.

Votes against the re-elections secured over 73%, but remaining independent director Jeremy Schwartz opted to defy the vote and reinstall the team afterwards.

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