Revolution Beauty re-appoints CEO to board defying shareholder Boohoo's wish

(Reuters) - Revolution Beauty on Tuesday announced the re-appointment of CEO Bob Holt to the board of the UK-based beauty products retailer just after its annual meet, against shareholder Boohoo's requisition.

The company also said Rachel Maguire and Matthew Eatough were appointed as directors after the annual meeting left Jeremy Schwartz as the sole director of the company.

Schwartz, along with the newly appointed directors, then re-appointed Holt, Chief Financial Officer Elizabeth Lake and Chairman Derek Zissman to the board even after majority shareholders voted against their election, to ensure suspension of trading of the company's stock can be lifted.

Revolution Beauty's shares were suspended from trading on Sept. 1 after the company's auditors raised concerns over its financial accounts and the company failed to publish its 2022 annual results.

Tuesday's appointment and re-appointment comes against Boohoo's requisition to remove Holt, Lake and Zissman from the board.

Boohoo, a British online fashion retailer that has a roughly 26.6% stake in Revolution Beauty, had also urged for Alistair McGeorge and Neil Catto to be appointed as new directors.

Revolution Beauty said it will propose resolutions as requisitioned by Boohoo in its general meeting expected to be held in late July or early August.

The annual general meet was proposed for adjournment but was rejected by Boohoo's representatives at the meeting.

The London-listed company now expects suspension in trading of its shares to be lifted imminently.

(Reporting by Anchal Rana in Bengaluru; Editing by Krishna Chandra Eluri and Maju Samuel)