Following the departure of its founder amid an accounting investigation, Revolution Beauty has hired a new CEO.

Bob Holt OBE, who has previously led publicly traded companies such as Sure Serve Group and Mears Group, has been acting as an interim chief operating officer since mid-Octobe,

He has now been promoted to the top position.

The listed beauty brand had its shares suspended in September after auditor BDO expressed “serious concerns” about its inability to publish a report for the previous fiscal year.

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BDO said: “Revolution Beauty’s accounts did not provide sufficient evidence for claims in key areas”,

Earlier this month Revolution Beauty founder Adam Minto quit as CEO of the business he founded in 2014.

Fellow co-founder and chairman Tom Allsworth has also left.

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The retailer said that the board believes Holt “is the right person to drive the business forward”.

An independent investigation is currently being carried out by Forensic Risk Alliance and Macfarlanes into Revolution Beauty’s accountancy issues.

The retailer confirmed this remained ongoing, and “no conclusions have been drawn” yet.

Holt said: “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.

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“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.”

Boohoo made a strategic investment in Revolution Beauty earlier this summer, increasing its stake in the retailer to 7.1 percent

Source: Retail Gazette

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