Revolution Beauty CEO and executive chairman have agreed to voluntarily “step away” from day-to-day management of the company as the investigation surrounding accounts continues.
The beauty giant did not indicate when Tom Allsworth (Executive Chairman) and Adam Minto (CEO) would return to their duties, but said the move was aimed at allowing them to support the independent investigation being carried out by Forensic Risk Alliance and Macfarlanes.
“This decision to step away is not a result of any matter arising from the independent investigation to date,” Revolution Beauty said in a statement this morning.
The pair will remain Directors of the Group but will not take part in any day-to-day decisions concerning the group until the investigation is over.
Revolution Beauty called in the investigators last month after auditors continued to flag “serious concerns”.
The news has meant that the makeup seller has been unable to sign off its already delayed full year accounts and trading continues to be halted.
The company has appointed Bob Holt OBE as Interim Chief Operating Officer, subject to completion of customary regulatory due diligence.
Holt has successfully led a number of PLCs through flotations and turnarounds, most recently as Chairman of SureServe Group, Totally and Mears Group.