Boohoo Group’s financial leadership sees a strategic change with the appointment of Stephen Morana.
- Shaun McCabe, who joined Boohoo 15 months ago, steps down as CFO immediately.
- Morana brings experience from Betfair and Zoopla to his new role, starting 19 February.
- Boohoo assures stakeholders that trading aligns with market expectations and results are due in May.
- Group chairman Mahmud Kamani expresses confidence in Morana’s ability to drive growth.
Boohoo Group has announced a significant alteration in its financial leadership, appointing Stephen Morana as its new Chief Financial Officer (CFO). This decision signifies a strategic move to bolster Boohoo’s growth ambitions. Shaun McCabe, who had served as CFO for a brief 15 months, has departed the company “by mutual agreement and with immediate effect.” Initially joining Boohoo’s board in October 2020 as an independent non-executive director and chair of the audit and risk committees, McCabe took the CFO role in October 2022.
Stephen Morana, who previously held a non-executive director position at Boohoo from 2014 to 2017, is set to assume his new responsibility on 19 February. His extensive background includes serving as CFO at Betfair from 2002 to 2012 and at Zoopla from 2013 to 2016. His return to Boohoo is met with anticipation, given his prior contribution during Boohoo’s early years as a public company.
Boohoo is moving forward with a degree of confidence, confirming that its trading performance remains consistent with market expectations. The company plans to release its final results for the fiscal year ending 28 February 2024, this coming May. This continuity in performance suggests a stable operational environment despite the leadership changes.
Mahmud Kamani, Boohoo’s group executive chairman, expressed a positive outlook regarding Morana’s appointment. Kamani highlighted Morana’s prior experience with Boohoo, noting, “He supported us through the IPO process and in our early years as a plc. While the business has grown significantly since then, he 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.”
With Morana’s appointment, Boohoo aims to strengthen its financial strategy and continue its growth trajectory.
