(Sharecast News) - Online fast fashion retailer Boohoo announced its intention to oppose the reappointment of three directors of Revolution Beauty Group on Monday, requesting a general meeting to make significant changes to the company's board composition.
The firm, which holds a substantial 26.6% stake in Revolution Beauty, said that in its notification to the latter's board, it expressed its intention to vote against the reappointment of Bob Holt, Derek Zissman and Elizabeth Lake at the upcoming annual general meeting on 27 June.
Additionally, Boohoo said it had taken steps to requisition a general meeting of Revolution Beauty under section 303 of the Companies Act.
In place of Holt, Lake and Zissman, Boohoo said it wanted to appoint Alistair McGeorge and Neil Catto as directors.
Should their appointment be successful, McGeorge was expected to assume the role of interim executive chairman, while Catto would take up the position of chief financial officer at Revolution Beauty.
Boohoo said it had also requested that the current board refrained from appointing Rachel Maguire and Matthew Eatough as directors.
"As Revolution Beauty's biggest shareholder, Boohoo is grateful to Bob, Derek and Elizabeth for stabilising the business," the Boohoo board said in its statement.
"However, as Revolution Beauty transitions to its next phase, where the focus must switch to growth, Boohoo believes a senior leadership team with the right retail, e-commerce and consumer brands experience is required to deliver shareholder value."
At 1451 BST, shares in Boohoo Group were up 4.2% at 34.18p.
Reporting by Josh White for Sharecast.com.
Boohoo (BOO)
Revolution Beauty (REVB)