UK-based Revolution Beauty's chief executive officer Bob Holt will quit the beauty products retailer as part of a settlement with top shareholder Boohoo over board changes, Sky News reported on Tuesday.

Boohoo had in late June urged the company to call for a general meeting to remove executives including Holt, CFO Elizabeth Lake and Chairman Derek Zissman from the board, a day after they were all re-appointed.

It was unclear whether Holt would resign immediately or step down when a successor was appointed, the Sky News report said.

Both the companies declined to comment. Holt did not immediately respond to a request for comment.

The move comes a day after Revolution Beauty said it could reach a settlement with online retailer Boohoo "in the coming days," ahead of a general meeting on August 7.