Revolution Beauty CEO Adam Minto resigns amid audit investigation
Revolution Beauty's Founder and CEO Adam Minto has quit as an investigation continues into the troubled make up and beauty business.
Minto has resigned from the business with immediate effect, the company told investors on Wednesday.
It comes after an investigation was launched in September into its failure to complete its auditing quickly enough, as the firm also warned over lower profits.
Law firm Macfarlanes LLP and consultants Forensic Risk Alliance launched a probe into the business after its auditor, BDO, raised “serious concerns” over its inability to publish an audit report for the latest financial year. Shares in the firm were suspended on the London Stock Exchange as a result.
Last month, Minto and Executive Chairman Tom Allsworth said they would step away from the day-to-day running of the company although the company stressed it was “not a result of any matter arising” from the probe.
It said the company needed an operational leader who can “devote their full time and attention” to managing it while the investigation rumbled on.
Bob Holt has taken over the running of the business as interim chief operating officer.
On Wednesday, Revolution Beauty confirmed that Minto has stepped down and will continue to support the investigation into the business.
In a statement, it added: “The board of Revolution Beauty reiterates that the independent investigation being carried out by Forensic Risk Alliance and Macfarlanes remains ongoing and no conclusions have been drawn.”
The beauty and skincare giant also warned that its financial results for the forthcoming year will be materially below market expectations, despite entering the typically stronger autumn and winter sales period.