Revolution Beauty's chief executive, chief financial officer and chairman have been re-appointed to its board despite major shareholder Boohoo leading a successful vote to oust them.
CEO Bob Holt was reinstated after Revolution Beauty's annual general meeting left the company with only one director remaining, Jeremy Schwartz.
Mr Schwartz also re-appointed CFO Elizabeth Lake and chairman Derek Zissman to the board after they were also voted off at the AGM.
READ MORE: Click here to sign up to the BusinessLive North West newsletter
Revolution Beauty has also confirmed that Rachel Maguire and Matthew Eatough were were re-appointed as directors.
Manchester-headquartered Boohoo holds a stake of over 26% in the company. It first invested in Essex-based Revolution Beauty in August 2022 and further upped its stake in November last year.
Earlier this month, Revolution Beauty branded Boohoo's attempt to take control of the company as "value-destructive, opportunistic and self-serving".
In a statement issued to the London Stock Exchange, the business added that the fashion giant's move is "not being in the interests of the company's shareholders as a whole".
Most Read
Mr Schwartz said: "The decisions I took today as the sole director of the company following the AGM were not taken lightly.
"I had to consider my duties as a director, and act in what I genuinely believed to be in the best interests of the company, for the benefit of its members as a whole.
"Among other things, without the board changes effected following the AGM, there was no certainty as to when (if at all) the company's shares would be restored to trading on AIM.
"As a result of the appointment and re-appointment of the board, however, the shares are expected to be restored to trading imminently, something which is undeniably in the interests of all shareholders, including boohoo, as well as all of the group's other stakeholders.
"The board will proceed to call the general meeting requisitioned by Boohoo for a date to be confirmed in late July or early August, as previously announced."
Earlier this month, Boohoo outlined plans to appoint two of its non-executive directors, Alistair McGeorge and Neil Catto, to Revolution Beauty's board to become its new executive chairman and CFO respectively.
It also wants former THG Beauty CEO Rachel Horsefield to also join Revolution Beauty's board.
Don’t miss
Revolution Beauty added: "The company remains convinced that it has the right senior management team in place for the future of the group, and the restoration of trading in its shares on AIM will be concrete evidence that this board is moving the company in the right direction.
"The Boohoo proposal is a cynical, short-sighted and misguided attempt to engineer a boardroom coup solely for boohoo's benefit.
"However, the company remains willing to engage with boohoo, to ascertain whether it would be willing to withdraw its requisition, or to enter into a constructive dialogue with respect to the future of the company for the benefit of all shareholders."
In response, Boohoo said: "Boohoo fails to see how such a board can claim to be acting in the best interests of shareholders, and is instead self-serving, as demonstrated by its actions over the last 24 hours.
"This will likely result in significant remuneration and share awards for members of a self-elected board at the lifting of the suspension of trading in its shares, which Boohoo was pleased to hear is imminent.
"It is notable that at no point did the remuneration committee seek prior shareholder consultation, or approval in relation to these awards, again contravening best practice in relation to corporate governance.
"Boohoo remains supportive of a lifting of the suspension, but not at the expense of doing so with a board that has proven to behave inappropriately.
"Boohoo calls on the board to convene the requisitioned general meeting of Revolution Beauty proposing to remove Bob Holt, Elizabeth Lake and Derek Zissman and to appoint Alistair McGeorge and Neil Catto as directors without further delay and not to resort to further attempts to obstruct shareholders and adjourn that meeting, once convened.
"Boohoo remains committed to wholesale board changes at Revolution Beauty and the appointment of a new, majority-independent board with the right balance of skills and experience and believes that it is of paramount importance that the future board of directors of Revolution Beauty have direct and relevant experience of dealing with its customers."