THG former CEO ‘Rachel Horsefield’ will be seen taking the authoritative post in the future independent board appointment process – all praise to Boohoo!
Boohoo shares in Revolution Beauty hold a significant value after its investment in August 2022. Earlier this week, Boohoo returns with a big announcement. The news proclaims the inclusion of a third new member for Revolution’s board.
Boohoo revealed the addition of THG Beauty CEO Rachel Horsefield to the board of Revolution Beauty. Ms.Rachel has been serving as THG CEO since 2017. Before that, she was at ‘Boots.’
Addressing Rachel’s future contribution, Boohoo said, “Rachel will bring significant e-commerce and beauty sector experience to the reconstituted board.”
However, following this, a debate sprung up among this beauty retailer. As a result, the stakeholders started this as, “value destructive, opportunistic, and self-serving.”
Previously, this Manchester-based retail brand, Boohoo, organized a campaign to vote for the chief financial officer, chief executive, and head of Revolution Beauty. Subsequently, 26.6% of Revolution Beauty shares owners vouched to vote against CEO Bob Holt, chairman Derek Zissman and CFO Elizabeth Lake. This voting will take place on June 27 during the annual meeting of the Revolution Beauty.
Boohoo supports its stance by saying, “Boohoo continues to strongly believe that a senior leadership team with the right retail, e-commerce, and consumer brands experience is required to deliver value for all shareholders and take Revolution Beauty into its next phase, which must focus on growth.”
Despite all this propaganda, Boohoo plans to appoint Alistair McGeorge and Neil Catto to the board as new executive chairman and CFO.
In response to this ‘attempt to take control of the company,’ Revolution Beauty has called off its annual meeting due on June 27.