The CFO of online fashion retailer boohoo has left the company with immediate effect.
The listed firm said Shaun McCabe had stepped down from the role and his board position by mutual agreement.
boohoo has moved quickly to appoint Stephen Morana to the board as CFO. A former non-executive director at boohoo from 2014-17, he will take up the role on 19th February.
Morana spent a significant part of his executive career as CFO of Betfair and Zoopla, both of which he led through IPO.
He has also been a non-executive director at FTSE100 group Entain and venture partner at Octopus Ventures. His most recent executive position was at Cazoo plc, the online car retailer which sought rapid expansion around Europe and the United States after floating in New York but subsequently sold off large parts of its struggling international business to focus on the UK.
McCabe, former CFO of Trainline, joined the board in October 2020 as an independent non-executive director and as chair of the audit and risk committees. He was the first appointment promised by the eCommerce giant to improve governance following an independent review into its supply chain led by Alison Levitt QC.
The review was ordered following a Sunday Times investigation which revealed poor conditions at a factory in Leicester and led to several leading retailers dropping its clothes. McCabe was appointed as CFO in October 2022.
However the Manchester-headquartered company has come under scrutiny again this month after it was revealed that clothes branded as ‘made in the UK’ were actually made overseas.
“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,” said Mahmud Kamani, group executive chairman.
“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.”
Meanwhile, boohoo said trading remains in line with market expectations and confirmed that it will report its final results for the year to 28th February 2024 in May.