Dec 13 (Reuters) - Revolution Beauty Group on Wednesday said finance chief Elizabeth Lake will step down from the British cosmetics company, and former Boohoo CFO Neil Catto will helm the top role from Jan. 1, 2024.

Online fashion retailer Boohoo, which raised its stake in Revolution to over 27% this year, had sought board changes at the company in June, calling for better management after questions over its 2022 accounts.

The top shareholder wanted to see CEO Bob Holt, Chairman Derek Zissman, and Lake removed from the board and replaced with new directors Alistair McGeorge, Catto, and others.

In July, the companies reached an agreement, with Holt and Zissman agreeing to step down. At the time, the companies said Lake will continue to serve as CFO.

The announcement on Wednesday caps a series of management changes at the Kent-headquartered company, which was founded in 2014 and sells makeup and skin care in the UK, U.S. and other international markets.

Catto joined Revolution Beauty in July as a non-executive director.

Separately, the company said it had reached a settlement agreement with co-founder and former chairman Tom Allsworth to pay 270,000 pounds ($337,932) in relation to an accounting probe.

Settlement negotiations with founder and former CEO Adam Minto were still ongoing, the company added. It had earlier alleged he breached fiduciary and other duties, and that the company was looking to recover "material sums" in related costs.

($1 = 0.7990 pounds) (Reporting by Eva Mathews in Bengaluru; Editing by Sonia Cheema)