Revolution Beauty appoints new chairman as co-founder finally departs
Another boardroom change for the troubled Revolution Beauty Group. But at least this one was expected with the multi-channel mass beauty retailer appointing Derek Zissman its new Non-Executive Chairman.
He has been promoted to replace the company’s co-founder Tom Allsworth, who has announced his resignation with immediate effect. Allsworth, along with CEO Adam Minto “voluntarily” agreeing to step away from the day-to-day management of the business in mid-October.
So it was an expected change ahead of the long-awaited publication of its audited FY22 accounts to 28 February. In mid-January, those accounts were expected to be released in late April. Now they have been promised for “before the end of May” so the accountants are on a tight schedule.
The latest top change is one Zissman feels is a drawing of the line under “a difficult number of months for the group”, he said Thursday on the announcement of his appointment.
Tellingly, he added: “I am confident that with the new management team and corporate governance structures in place, the mistakes of the past will not be repeated. I'd like to thank Tom Allsworth for his contribution and effort since he co-founded the company in 2013.”
Zissman was appointed as Senior Non-Executive Director to the company on its IPO in July 2021, and more recently led the investigation committee in relation to an independent investigation into audit failures.
He has led the structural and governance changes that followed the outcome of the probe.
Away from the boardroom woes, the “multi-channel mass beauty innovator” has enjoyed some success in signing agreements with major retailers, including Superdrug and Boots in the UK and Walmart and Walgreens in the US, to build a much wider audience for its products.
Last May, it seemed those “difficult months” and “mistakes” were all but improbable when Revolution Beauty delivered a “strong” full-year performance, in line with expectations, “driven by the strength of our omnichannel route to market”. Adjusted EBITDA for fiscal 2022 jumped 73% to £22 million and sales rocketed 42% to £194 million, boosted by record sales in Q4.
The latest results in the next few days are also expected to shine a light on new financing details and just how its products have performed on the wider stage.
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