The chief financial officer of Boohoo has left the firm with immediate effect, marking the latest blow to the retailer after a tumultuous 2023.
The Manchester-based business, which owns Karen Millen, PrettyLittleThing and Dorothy Perkins, told shareholders on Tuesday that Shaun McCabe had left the firm ‘by mutual agreement’ after just over two years in the role.
Boohoo has hired former Betfair and Zoopla CFO Stephen Morana as his replacement, starting 19 February.
Morana previously served as a non-executive director of the group between 2014 and 2017.
Boohoo endured tough trading in 2023
Executive chairman Mahmud Kamani said Morana is ‘well known to Boohoo’, having ‘supported us through the IPO process and in our early years as a PLC’.
He added: ‘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.’
Boohoo shares were down 0.5 per cent to 33.79p in early trading.
But Boohoo shareholders were also told on Tuesday the group is trading in line with market expectations for full-year profits.
The group has endured a torrid trading period following a Covid-era lockdown-induced boom, with shoppers returning to bricks-and-mortar retailers, and Boohoo suffering higher costs and a depressed consumer environment.
Its reputation has also been hit by accusations of unethical treatment of suppliers of breaking promises to treat suppliers ethically and a BBC Panorama investigation that ultimately led to the closure of its controversial Leicester factory.
Boohoo shares plummeted to an eight-year low in October after the group slashed profit expectations on the back of weak sales.
The group joins fast fashion peer Asos among the most shorted stocks listed in London, as hedge funds bet the companies’ fortunes are set to deteriorate further.
Capitalising on the share price decline, however, is Mike Ashley’s retail empire Frasers Group, which has been gradually building its stake in Boohoo.
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