Boohoo parachutes in ex-Betfair and Zoopla CFO after incumbent quits
Embattled fashion brand Boohoo has drafted in a new chief financial officer, formerly of Betfair and Boohoo, after the incumbent quit with immediate effect this morning.
The company announced Stephen Morana would take on the job next month, with its chief executive heralding his role in helping bring through the IPOs of his former employers.
His appointment came as Boohoo also announced that Shaun McCabe stepped down from his role as CFO by mutual agreement and with immediate effect, as well as from its board.
In an update to markets, Boohoo, which is listed on AIM, said trading remains in line with market expectations, and that it will report its full results later next month.
Mahmud Kamani, its executive chair, said Morana “is a highly regarded finance director who is well known to boohoo, having previously served on our Board in a Non-Executive capacity for four years”.
Kamani added: “He supported us through the IPO process and in our early years as a PLC. While the business has grown significantly since then, Stephen has a wealth of experience with global digital businesses and is therefore very well placed to support the strategy in pursuit of our growth ambitions.”
This comes after fast fashion firm Boohoo has been on a rocky ride since the pandemic, as Brits shop online less and hit the high streets again. This has led to investment from Mike Ashely’s Frasers Group, which again upped its stake in Boohoo, taking it from 17 per cent to over 22 per cent, alongside other brands like Asos.
Last year, Boohoo warned of further sales falls, and has been accused of cutting corners on slashing prices. Earlier in January it blamed “human error” when clothes made abroad were branded ‘made in the UK’.