Two more Revolution Beauty board members resign during accounting probe
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| Gita Samani and Edward Rumsey have stepped down as non-executive directors with immediate effect. |
Two additional members of Revolution Beauty's board of directors have resigned, the latest in a string of departures.
Gita Samani and Edward Rumsey have resigned with immediate effect as Non-Executive Directors.
The rapid beauty retailer provided no explanation for the pair's departure.
Since June 2021, Samani, Executive Vice President of Growth Strategy at Astound Commerce, has sat on the board of Revolution Beauty.
Since July 2021, Rumsey, Managing Partner of Permian Global and Special Advisor at the World Bank Group, has held his job at Revolution Beauty.
The corporation stated that it will soon begin the process of appointing new Non-Executive board members.
Cosmetics Business has requested comment from Revolution Beauty.
What's happening at Revolution Beauty?
This news comes after CEO Adam Minto announced his resignation with immediate effect in the midst of the company's continuing accounting investigation.
Minto resigned on November 9, a month after relinquishing his responsibilities.
Bob Holt, who served as Interim Chief Operating Officer during the transition, has replaced him.
The British skin care and cosmetics company ceased trading on its shares on September 1 after failing to report its fiscal year-end results on February 28.
The corporation cited accounting challenges as the reason for its tardiness to release FY2022 results.
This caused BDO, the group's auditor, to request an investigation in August.
Ongoing is the independent examination into the accounting failures.
Revolution Beauty was established in 2014 and sells hair care, skin care, and cosmetics.
Recently, Boohoo quadrupled its strategic stake in the company, making it the largest shareholder in the cosmetics company.
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