Boohoo Group announces the appointment of Stephen Morana as the new Chief Financial Officer.
- Morana succeeds Shaun McCabe, who left by mutual agreement immediately after 15 months in the role.
- Stephen Morana served as a non-executive director at Boohoo from 2014 to 2017.
- Boohoo confirms trading conditions aligned with market expectations despite leadership changes.
- Final results for the fiscal year will be published in May 2024.
Boohoo Group has made a significant change in its leadership, appointing Stephen Morana as Chief Financial Officer. This decision was made following the departure of Shaun McCabe, who had been in the position for a relatively brief period of 15 months. McCabe’s exit was described as a mutual agreement, concluding his role with immediate effect.
McCabe joined Boohoo’s board in October 2020, initially serving as an independent non-executive director and chairing the audit and risk committees. He advanced to the CFO position in October 2022. His exit marks another phase in Boohoo’s governance evolution as the company adapts to industry demands and seeks to enhance its strategic outlook.
Stephen Morana is no stranger to Boohoo, having previously served on the board from 2014 to 2017 as a non-executive director. Known for his extensive experience in digital enterprises, Morana has held prominent roles including CFO at Betfair and Zoopla. His appointment is slated for 19 February, aligning with Boohoo’s anticipated strategic objectives.
Group Executive Chairman, Mahmud Kamani, expressed confidence in Morana’s capabilities, highlighting his proven record during Boohoo’s initial public offering and early development phases. Kamani noted Morana’s ‘wealth of experience with global digital businesses,’ positioning him well to support Boohoo’s growth ambitions. Kamani’s endorsement signals the continuity of Boohoo’s growth-focused strategy amidst these changes.
Despite the change in financial leadership, Boohoo has assured stakeholders that trading remains consistent with market expectations. The company is on schedule to release its final results for the financial year ending 28 February 2024, with the report due in May. This continuity in operations marks Boohoo’s resilience in maintaining its business trajectory.
The shift in Boohoo’s financial leadership underscores its commitment to adaptability and strategic growth within the digital retail sector.
