- British makeup group Revolution Beauty said on Friday Executive Chairman Tom Allsworth and Chief Executive Officer Adam Minto will step away from day-to-day management temporarily to allow them to support an independent accounting probe.
The decision to step away was a voluntary agreement, and not a result of any matter arising from the investigation, said the company in which online fashion retailer Boohoo is the third-largest shareholder with a nearly a 13% stake.
Trading in Revolution Beauty's shares was suspended on Sept. 1 after it missed releasing final results for the year ended Feb. 28 due to accounting issues that prompted the group's auditor to order a probe in August.
Allsworth and Minto continue to be part of the group's board but will not be taking any operational decisions until the probe is completed, Revolution Beauty said, naming experienced executive Bob Holt as interim chief operating officer.