Revolution Beauty CEO quits with immediate effect

Revolution Beauty chief executive Adam Minto has quit with immediate effect, as an investigation continues into the troubled makeup business

The resignation comes after a probe was launched in September into Revolution’s failure to complete its auditing quickly enough, as the firm also warned over lower profits.

Law firm Macfarlanes LLP and consultants Forensic Risk Alliance started the investigation after auditor BDO raised “serious concerns” over its inability to publish an audit report for the latest financial year.

Shares in the company were suspended on the London Stock Exchange as a result.

Minto and executive chairman Tom Allsworth last month said they would step away from the day-to-day running of the company although the company stressed it was not a result of the probe.

In a statement on Wednesday Revolution said the “independent investigation being carried out by Forensic Risk Alliance and Macfarlanes remains ongoing and no conclusions have been drawn”.

Reporting by Frank Prenesti for Sharecast.com