The founder and chief executive of online retailer Revolution Beauty has stepped down permanently after the group revealed an investigation of its accounts two months ago and slashed forecasts.
Adam Minto has resigned with immediate effect, having last month stepped away from “day-to-day management” during the investigation, the board of the cosmetics and skincare maker said on Wednesday.
His departure was “a result of the events since IPO and the transition from a private company to a public company,” the board said.
Revolution was one of the largest initial public offerings on London’s junior market in 2021.
But its first year as a listed company has been catastrophic.
Revolution appointed Macfarlanes and Forensic Risk Alliance to carry out an independent investigation, which is still ongoing.
Executive chair Tom Allsworth, who co-founded the group, also stepped aside temporarily from his duties last month.
City veteran Bob Holt, who joined as interim chief operating officer in October, is running the company day to day.