boohoo has withdrawn its requisition of a general meeting of Revolution Beauty. Bob Holt and Derek Zissman have both agreed to resign from the Revolution Beauty board with Holt remaining until 31st August 2023 as interim CEO. Elizabeth Lake retains her role as CFO.
An agreement has been finalised in respect of management share options for Bob Holt and Elizabeth Lake. The terms which have been agreed are conditional upon an agreement entered into between Bob Holt and Revolution Beauty. This is understood to be imminent with boohoo acquiring shares sufficient to cover the tax which would be payable by Bob Holt and Elizabeth Lake on the exercise of their respective share options.
Once concluded, this will leave the way free for boohoo’s chosen team to move in. Alistair McGeorge, Neil Catto, Rachel Horsefield and Peter Hallett will join the Revolution Beauty board. McGeorge will assume the role of executive chairman, with Catto becoming a non-independent non-executive director, Horsefield and Hallett will become independent non-executive directors.
Meanwhile, credit insurer Allianz Trade has reduced cover for boohoo suppliers by an average of 50 per cent. boohoo has been pressuring its suppliers in Turkey for discounts of 30 per cent on outstanding orders, following similar actions with its suppliers in Pakistan.
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