Shares in Revolution Beauty (LSE: REVB) rose 3.8% to 30.62p on Monday morning after the cosmetics retailer announced that former Chief Executive Adam Minto had agreed to pay the company £2.9 million to settle a dispute related to events during his tenure that led to trading suspensions and audit delays in 2022.
The settlement, to be paid in six equal £483,333 instalments between March 2024 and 2029, comes after Revolution Beauty said in June 2023 it intended to take legal action against Minto for alleged breaches of duty. Neither party admitted liability.
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Revolution Beauty said the settlement allows it to “focus on the future” as it also reached an agreement in December with former Chair Tom Allsworth over acquisition payments owed. The company will hold a capital markets event on February 8 to outline its new strategy.
Shares are up 25% over the past year.
