Fired and rehired Revolution Beauty bosses share £2.5m windfall
Shareholder fury as fired and rehired Revolution Beauty bosses share £2.5m options windfall
An ugly row between cosmetics firm Revolution Beauty and its biggest shareholder Boohoo has deepened after share options worth around £2.5million were awarded to bosses.
The options were confirmed as Revolution shares returned to London’s junior Aim market after they had been suspended after an accounting scandal.
The shares rose by 28.9 per cent, rounding off a dramatic 48 hours for the company.
Payouts: Share options worth around £2.5m have been awarded to bosses at Revolution Beauty
On Tuesday, an acrimonious AGM had seen Revolution’s chairman, chief executive and finance director ousted after a revolt by Boohoo – only to end the day back in their posts after a convoluted series of manoeuvres.
The return to the market triggered share options for chief executive Bob Holt and finance chief Elizabeth Lake and others.
Boohoo said the awards were ‘contravening best practice in relation to corporate governance’.
Holt was awarded 5.6m share options worth around £1.4million, on the basis of the 24.5p closing share price.
Lake was awarded options on 2.8m shares, worth around £710,000. Another 16 people were also given options worth just under £470,000.
An emergency meeting proposed by Boohoo to take control of the board will be held later this summer.