Two bosses at Revolution Beauty have temporarily stepped down amid an ongoing audit investigation of the British beauty retailer.
Executive chair Tom Allsworth and CEO Adam Minto will remain directors but are stepping away from the day-to-day management in order to “support the independent investigation”, the company said Friday.
“This decision to step away is not a result of any matter arising from the independent investigation to date,” it added.
Bob Holt will step in as interim chief executive subject to completion of customary regulatory due diligence.
Holt has experience leading a number of publicly limited companies, having served as chair at SureServe Group, Totally, and Mears Group.
Last month, Revolution Beauty called in firms Forensic Risk Alliance and Macfarlanes to conduct an independent review after auditors raised “serious concerns” over its FY22 accounts.