Revolution Beauty Group appointed Walgreens vice president for beauty and personal Lauren Brindley as chief executive on Thursday, as the British makeup company faces an accounting investigation by British regulators.

Brindley replaces Bob Holt, who stepped down in July as part of a settlement with its top shareholder and online fashion retailer Boohoo which had called for better management.

Boohoo, which raised its stake in Revolution to more than 27 percent earlier this year, had asked for changes to be made following scrutiny over Revolution Beauty’s 2022 accounts.

Revolution Beauty had said in July the UK’s Financial Conduct Authority (FCA) was investigating potential breaches over “certain matters” between July 2021 to September 2022, though it did not provide further details.

The company has said it is cooperating fully with the FCA.

“We are pleased that Lauren will be joining Revolution Beauty at such a critical and exciting time for the group,” Executive Chairman Alistair McGeorge said in a statement.

The Kent-headquartered company, which was founded in 2014, sells makeup and skin care in the UK, U.S. and other international markets.

Brindley, who had previously worked with British-based pharmacy chain Boots UK and Boots Retail International, will take over as CEO on Sept. 18.

Revolution Beauty also said its loss before tax narrowed in the year ended Feb. 28 to 33.9 million pounds ($43 million) from 45.9 million the previous year.

Shares in the company, floated as recently as June, were down more than 15 percent at 0900 GMT.

By Radhika Anilkumar; Editors Dhanya Ann Thoppil and David Holmes

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