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Revolution Beauty appoints new CEO amid ongoing accounts probe

O

nline retailer Revolution Beauty has appointed turnaround specialist Bob Holt as its new chief executive as a probe into its accounts continues.

Holt will lead the business following the departure of Revolution’s founder and chief executive Adam Minto, who stepped down earlier this month amid an investigation of its accounts and slashed forecasts.

Holt has been the company’s interim chief operating officer since 14 October, and will become CEO with immediate effect.

Revolution’s shares were suspended from the London Stock Exchange in September because it was unable to publish its financial results, which were pushed back a second time, while it also warned over lower profits.

The company said an independent investigation being carried out by consultants Forensic Risk Alliance and law firm Macfarlanes remains ongoing, adding that “no conclusions have been drawn”.

“An update will be released to the market in due course,” it added.

Holt was previously chairman and chief executive of compliance contractor Sureserve, where he helped lead a turnaround of the group.

He said he believed “there is a huge opportunity for the business as it moves ahead and I am confident that, together with the team, we will drive the business forward”.

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