Revolution Beauty completes leadership all-change as CFO steps down

Revolution Beauty Group has a new Chief Financial Officer, completing a promised new-look senior management team.

Current non-executive director Neil Catto takes up the CFO role, effective 1 January, following news Elizabeth Lake has decided to stand down with immediate effect. She will remain in the post until 31 December.

Catto, who joined the board in July, was previously CFO of Boohoo Group, Revolution Beauty’s major shareholder, a position he held for 11 years. Prior to this, he held senior finance roles at BT, Carphone Warehouse and EY.

Meanwhile, Revolution also announced the appointment of Erin Brookes to the board as an independent non-executive director with immediate effect.

Brookes is a Managing Director with Alvarez & Marsal in London, where she leads the European Retail and Consumer Practice, specialising in retail turnaround and transformation. Importantly, she previously spent five years at The Body Shop International, where she held a range of senior commercial roles.

Lake’s departure brings to an end the leadership team that dealt with a turbulent 18 months that saw its shares suspended from trading, major shareholder Boohoo demanding a management team clear out. But the former Hugo Boss UK finance chief also oversaw the stabilisation of the business and stayed on after other leadership team members were ousted.

In September, Lauren Brindley was appointed CEO, replacing Bob Holt who stood down as and left the business immediately. Boohoo appointee Alistair McGeorge moved to the role of Non-Executive Chairman on Brindley’s appointment.

McGeorge said of the new CFO: “Neil has been a trusted member of the board since joining five months ago, and I am pleased that he is now becoming CFO. I have no doubt that his considerable and relevant experience will prove a real asset as Revolution Beauty embarks on its next phase of growth. [Brookes] brings a highly relevant skill set and I am confident she will make a significant contribution to our future success.

McGeorge also said Lake’s leadership of the finance team over the past 18 months “has proven invaluable in returning the business to a steady state.”

Catto added: “As a Board member since July, I have been hugely impressed with the inherent strength of the Revolution Beauty business, across its brands, its people and its products. I believe we have a considerable opportunity within a large and attractive beauty market, and I look forward to building on the strong foundations put in place by Elizabeth as the group targets long-term sustainable growth.”

Last month, the company gave an upbeat account of its trading performance, bouncing back from its recent troubles with first-half FY24 revenue up 20% and a “strong improvement in EBITDA, up £14.3 million, due to higher sales volumes, gross margins and cost reduction initiatives”.

Separately, Revolution Beauty said it has come to an agreement with its former Executive Chairman and co-founder Tom Allsworth, agreeing to the full and final settlement of certain claims between them. It will pay Allsworth an ex gratia payment of £270,000 net in respect of certain historical legal fees incurred by him.

As part of the arrangements, he will continue in the management team of Revolution Beauty Labs with the title ‘Founder & Director of Revolution Labs’ along previous terms.