Revolution Beauty Group is making strategic leadership changes, with Neil Catto set to take the reins as Chief Financial Officer (CFO) from January 1. The transition follows the immediate decision of CFO Elizabeth Lake to step down, concluding her tenure on December 31.
Neil Catto, formerly a non-executive director, brings a wealth of experience to his new role. As the former CFO of major shareholder Boohoo Group for 11 years and with senior finance roles at BT, Carphone Warehouse, and EY, Catto’s appointment signifies a pivotal shift in the company’s senior management team.
Simultaneously, Revolution Beauty welcomes Erin Brookes as an independent non-executive director. Brookes, Managing Director at Alvarez & Marsal in London, specializes in retail turnaround and transformation. Her extensive experience, including senior roles at The Body Shop International, enhances the board’s expertise.
Elizabeth Lake’s departure marks the end of a leadership era that successfully navigated a challenging 18 months for Revolution Beauty Group. Despite share suspensions and shareholder demands for management changes, Lake played a crucial role in stabilizing the business.
The recent appointment of Lauren Brindley as CEO and Alistair McGeorge as Non-Executive Chairman underscores the company’s commitment to a fresh leadership approach. McGeorge expresses confidence in Neil Catto’s ability to contribute significantly to Revolution Beauty’s growth phase. Erin Brookes’ inclusion brings added value, leveraging her relevant skill set.
Acknowledging Elizabeth Lake’s invaluable contributions, McGeorge emphasizes the importance of returning the business to a steady state. Neil Catto is optimistic about the substantial opportunities for Revolution Beauty in the dynamic beauty market.
In a separate development, Revolution Beauty has reached an agreement with former Executive Chairman Tom Allsworth. Allsworth will receive an ex gratia payment of £270,000 net for historical legal fees and continue contributing to Revolution Beauty Labs.
Amidst these changes, Revolution Beauty reports positive trading performance, with first-half FY24 revenue up by 20%, showcasing increased sales volumes, gross margins, and successful cost reduction initiatives.
Revolution Beauty’s commitment to leadership excellence and strategic growth positions the company for a transformative journey in the beauty industry.