After five years at its helm, The Body Shop CEO David Boynton is exiting the company.
Ian Bickley, who is a board director at parent company Natura & Co, will take his place as interim CEO and will work with the company to look for Boynton’s successor.
Natura & Co. did not immediately reply to questions regarding the nature of Boynton’s exit.
Bickley will be working with the retailer’s executive leadership team to expand its current business plan to “return to sustainable revenue,” according to a company announcement.
Boynton began leading the company following Natura & Co’s acquisition of U.K.-based The Body Shop from L’Oréal in 2017.
“I am incredibly proud of the business we have built together and the work we have done to get The Body Shop back to the exciting and inspiring brand it was born to be,” Boynton said in a statement.
Besides The Body Shop, Natura & Co. oversees beauty brands Avon and Natura, and earlier this month sold Aesop to L’Oréal for $2.5 billion. Natura & Co had been courting potential buyers for Aesop for months, with LVMH and Shiseido reportedly in the running.
“It’s no exaggeration to say that 2022 was the most difficult year in the history of The Body Shop,” according to Natura & Co.’s latest annual report. The company is in the middle of a transformation process “to reposition the business for new times and return to achieving profit with a purpose.”
Key to that transformation is The Body Shop’s new Changemaking Workshop stores that are a callback to the retailer’s activist roots.
Founded in 1976, The Body Shop became a certified B Corp in 2019 and has around 2,500 retail locations, both owned and franchised, in over 80 countries.