Revolution Beauty’s founder and chief executive, Adam Minto, has stepped down from his position amidst an ongoing investigation of the company’s financial records.
The investigation into the British cosmetics company’s finances began after it missed issuing results for the fiscal year ending February 28, 2022, due to accounting issues, which led the company’s auditor to launch a probe in August 2022.
Soon after, on September 1, 2022, the company suspended trading its shares on the London Stock Exchange.
“As a result of the events since IPO and the transition from a private company to a public company, founder and CEO Adam Minto has resigned as a director of the group and stepped down from the business with immediate effect,” the company said in a statement on Thursday.
“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 company has appointed Bob Holt OBE, the current chair of healthcare services company Totally and Bristol-based engineering firm Cosgrove & Drew, as its interim chief executive officer.
In August 2022, U.K.’s Boohoo Group acquired a 7.1% stake in the company, becoming the fourth largest shareholder in the cosmetics company.
Photo credit: Revolution Beauty