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THE WHAT? Boohoo has turned activist shareholder because it makes an attempt to oust Revolution Magnificence’s C-suite and substitute them with its personal candidates, in response to a report revealed by the Monetary Occasions.
THE DETAILS The British quick vogue retailer owns a 26.6 p.c share within the mass market magnificence model and is asking on fellow shareholders to vote in opposition to the reappointment of Bob Holt to the position of CEO on the make-up firm’s forthcoming AGM. If Boohoo will get its approach, CFO Elizabeth Lake and Non-executive Chair, Derek Zissman can even get the boot.
THE WHY? Revolution Magnificence has hit arduous occasions since final September after its shares had been suspended following its failure to ship well timed accounts. Boohoo informed the Monetary occasions that ‘the main focus should change to progress’ and ‘a senior management crew with the appropriate retail, ecommerce and shopper manufacturers expertise is required to ship shareholder worth’.
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