UK-based cosmetics company Revolution Beauty has ruffled the feathers of major shareholder Boohoo by reappointing chief executive officer Bob Holt.

The news – along with the appointment of Rachel Maguire and Matthew Eatough as directors – comes after Revolution Beauty’s annual meet, during which Jeremy Schwartz was left as the sole director of the company. The trio subsequently re-appointed Holt along with finance chief Elizabeth Lake and chairman Derek Zissman despite the majority of shareholders voting against their election.

The board has gone against the shareholder wishes in an effort to get the company’s stock trading suspension lifted. The company now expects suspension in trading of its shares to be lifted imminently.

Revolution Beauty’s shares have been suspended from trading since last September after the company failed to publish its 2022 annual results.

The appointments have caused a stir at Boohoo, which owns a little more than 26.6 per cent of Revolution Beauty. Boohoo had requisitioned the company to remove Holt, Lake and Zissman from the board, with New Look chairman Alistair McGeorge and former Boohoo chief financial officer Neil Catto proposed as new directors.

Revolution Beauty will propose resolutions as requisitioned by Boohoo at its general meeting, expected to take place in late July or early August. Revolution Beauty proposed adjourning the AGM, but this was rejected by Boohoo.

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