THE WHAT? The Executive Chairman and Chief Executive Officer of Revolution Beauty have announced that they will be stepping down from their roles temporarily while the company is independently audited, according to a report published by Reuters.
THE DETAILS Tom Allsworth and Adam Minto will remain on the Board but will not engage in day-to-day management of the group while the probe is carried out. Bob Holt has been named as Interim Chief Operating Officer.
THE WHY? Trading in Revolution Beauty’s stock was suspended on September 1, 2022 after the company failed to published its audited results for the financial year ended February 28, 2022 due to ‘accounting issues’.