Revolution Beauty appoints new CEO amid audit investigations

Revolution Beauty has announced the appointment of Bob Holt as its chief executive officer as the group continues an ongoing investigation into concerns surrounding its FY22 accounts.

Holts’ appointment comes weeks after the beauty retailer’s founder and CEO Adam Minto announced his resignation, following a period in which he stepped down from day-to-day management as the investigation kicked off.

Revolution Beauty suspended the trading of its ordinary shares at the beginning of September after auditors failed to complete its results on time.

Later that month, the group called in firms Forensic Risk Alliance and Macfarlanes to conduct an independent review after auditors raised “serious concerns” over its accounts.

Following Minto’s resignation, Holt took on the role as interim chief operating officer, overseeing leadership of the business since October 14, 2022.

Speaking on his appointment, Holt said in a filing: “Over the past six weeks I have seen first-hand the quality of people working at Revolution Beauty, the overall popularity of the brand and innovation of products for customers around the world.

“I believe 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.”

In the release, the group noted the investigation remained ongoing and “no conclusions” had yet been drawn.