Boohoo appoints new CFO as McCabe steps down

Boohoo has announced the appointment of Stephen Morana as its new CFO, following the resignation of current CFO Shaun McCabe, who has stepped down from his role “by mutual agreement and with immediate effect”. 

Morana, who “is widely recognised for his ecommerce expertise”, will assume the role on 19 February 2024.

Boohoo said Morana has experience in a range of businesses, and spent a significant part of his executive career as CFO of Betfair and Zoopla, both of which he led through IPO and helped to create “significant” shareholder value. 

Morana has also been a non-executive director at Entain, the FTSE100 group, and Boohoo (between 2014 and 2017). His most recent executive position was at Cazoo plc. In addition, he is a qualified chartered accountant and a member of the INSEAD alumni.

Mahmud Kamani, group executive chairman, said: “Stephen 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. 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.”

McCabe meanwhile joined the board in October 2020 as an independent non-executive director and as chair of the Audit and Risk Committees. He was subsequently appointed CFO in October 2022.

Boohoo said: “The board takes this opportunity to thank Shaun for his valued contribution to the group during his tenure and wishes him every success for the future.”

Amid its latest directorate update, the company also noted that trading remains in line with market expectations, and that it will report final results for the year ended 28 February 2024 in May.