David Boynton is stepping down after five years; member of the Natura &Co Board, Ian Bickley, appointed as interim Chief Executive

(NYSE – NTCO; B3 – NTCO3) The Body Shop announces the next chapter in its history with David Boynton stepping down as Chief Executive, and Ian Bickley, a Natura &Co Board Director, taking the helm as interim CEO.

Ian is a seasoned expert in the retail and branded consumer goods sector and has an extensive background in managing and growing international franchise opportunities, driving global omnichannel growth, and pioneering innovation. With a successful track record in accelerating the international growth of Coach and Crocs, as well as advising purpose-driven companies, Ian brings a wealth of relevant experience to The Body Shop. Notably, he has a deep understanding of the business, having previously served on Natura &Co's Board Committee dedicated to The Body Shop, as well as acting as an advisor.

In his new role, Ian will be working closely with The Body Shop's Executive Leadership Team to refine and expand upon the current business plan and accelerate the transformation agenda, to speed up the road to profitability together with a return to sustainable revenue. He will also be working closely with Natura &Co Leadership to find a permanent successor to David. Ian's experience and insights during his tenure will be invaluable in shaping the future of The Body Shop.

Ian comments: "I am proud and honored to assume the important responsibility of stewarding The Body Shop's tremendous legacy into the future. In these incredibly challenging times, the world needs The Body Shop's spirit of activism and outstanding social and environmental credentials more than ever. It will be my privilege to support the brand as we move into this next chapter and expand its economic, social, and environmental potential to deliver tangible and impactful results."

Ian succeeds David Boynton, who led a brand and business transformation following the acquisition of The Body Shop from L'Oréal. David also steered the company through extraordinary circumstances, including the global pandemic, the war in Ukraine, supply chain and cost inflation challenges, and consumer uncertainty. More recently, nearly 500 products have been rejuvenated as well as the launch of the new Changemaking Workshop concept stores.

David comments: "We have achieved an incredible amount over the last five and a half years. 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. I want to thank each and every person at The Body Shop for their resourcefulness, resilience, creativity, passion and determination. While I will no longer be Chief Executive of The Body Shop I will continue to be cheering from the sidelines and look forward to watching the business go on to even greater heights. I wish The Body Shop every success for the future."

Fabio Barbosa, Natura &Co's Group CEO comments: "David has shown incredible passion for The Body Shop during his tenure. On behalf of the entire Natura &Co Board, we want to acknowledge and thank him for his leadership. As we bid farewell to David, we also look forward to this next chapter in the story of The Body Shop. A chapter that holds endless possibilities and prospects for success. It is with great excitement that we welcome Ian Bickley. Ian's passion for the retail sector and his track record of success makes him the right leader to bring new energy to the company. As part of his role, Ian will be working closely with us to find a permanent successor and champion of Anita's legacy – a legacy that continues to inspire us all."

Natura &Co is a global, purpose-driven, multi-channel and multi-brand cosmetics group which includes Avon, Natura, The Body Shop and Aesop. Natura &Co posted net revenues of R$36.3 billion in 2022. The four companies that form the group are committed to generating positive economic, social and environmental impact. For 137 years Avon has stood for women: providing innovative, quality beauty products which are primarily sold to women, through women. Founded in 1969, Natura is a Brazilian multinational in the cosmetics and personal care segment, leader in direct sales. Founded in 1976 in Brighton, England, by Anita Roddick, The Body Shop is a global beauty brand that seeks to make a positive difference in the world. The Australian beauty brand Aesop was established in 1987 and is renowned for creating products for skin, hair and the body with meticulous attention to detail.

Founded in 1976, The Body Shop became a certified B Corp™ in 2019. The Body Shop seeks to make positive change in the world by offering high-quality, naturally inspired products produced ethically and sustainably and campaigns for social and environmental justice. Having pioneered the philosophy that business can be a force for good, this ethos is still the brand's driving force. The Body Shop today is a truly omnichannel business with more than 2,500 retail locations (owned and franchised) in more than 80 countries; The Body Shop at Home direct to consumer channel in the UK and Australia; and an e-commerce presence in nearly 60 markets.