The news comes amid an ongoing audit investigation.
Last month, Minto announced that he was temporarily stepping back from his day-to-day duties while the investigation into the group’s auditing failures was completed.
Revolution Beauty’s executive chairman Tim Allsworth also agreed to voluntarily step away during the independent probe.
The company said in a statement that “as a result of the events since IPO and the transition from a private company to a public company, founder and CEO Adam Minto has resigned as a director of the group and stepped down from the business with immediate effect.”
About the Accounting Probe
The group called in the independent investigators in September after auditors raised “serious concerns” over its inability to publish an audit report for the latest financial year.
As a result, the cosmetics business also had its shares suspended from the London Stock Exchange.
The investigation into the accounting issues remains ongoing and no conclusion has been drawn, the makeup company said.
Related News
Earlier this year, Revolution Beauty Group acquired intellectual property assets and inventory from BH Cosmetics Holdings LLC for a consideration of $3.9 million.