Boohoo CFO exits with instant impact in newest setback for retailer
- Shaun McCabe departs by ‘mutual settlement’ and changed by Stephen Morana
- Morana was previously CFO at Betfair and Zoopla, and has labored for Boohoo
- The retailer additionally informed shareholders it was buying and selling in keeping with expectations
The chief monetary officer of Boohoo has left the agency with instant impact, marking the newest blow to the retailer after a tumultuous 2023.
The Manchester-based enterprise, which owns Karen Millen, PrettyLittleThing and Dorothy Perkins, informed shareholders on Tuesday that Shaun McCabe had left the agency ‘by mutual settlement’ after simply over two years within the position.
Boohoo has employed former Betfair and Zoopla CFO Stephen Morana as his alternative, beginning 19 February.
Morana beforehand served as a non-executive director of the group between 2014 and 2017.
Boohoo endured robust buying and selling in 2023
Executive chairman Mahmud Kamani stated Morana is ‘well-known to Boohoo’, having ‘supported us by means of the IPO course of and in our early years as a PLC’.
He added: ‘While the enterprise has grown considerably since then, Stephen has a wealth of expertise with international digital companies and is subsequently very nicely positioned to help the technique in pursuit of our progress ambitions.’
Boohoo shares had been down 0.5 per cent to 33.79p in early buying and selling.
But Boohoo shareholders had been additionally informed on Tuesday the group is buying and selling in keeping with market expectations for full-year earnings.
The group has endured a torrid buying and selling interval following a Covid-era lockdown-induced growth, with buyers returning to bricks-and-mortar retailers, and Boohoo struggling increased prices and a depressed shopper setting.
Its popularity has additionally been hit by accusations of unethical remedy of suppliers of breaking guarantees to deal with suppliers ethically and a BBC Panorama investigation that finally led to the closure of its controversial Leicester manufacturing unit.
Boohoo shares plummeted to an eight-year low in October after the group slashed revenue expectations on the again of weak gross sales.
The group joins quick vogue peer Asos among the many most shorted shares listed in London, as hedge funds wager the businesses’ fortunes are set to deteriorate additional.
Capitalising on the share worth decline, nonetheless, is Mike Ashley’s retail empire Frasers Group, which has been step by step constructing its stake in Boohoo.
