British online retailer Boohoo has named former Betfair and Zoopla finance boss Stephen Morana as its new chief financial officer after the previous CFO Shaun McCabe left.
McCabe’s retirement was announced by Boohoo as “by mutual agreement and with immediate effect”.
The company, whose brands PrettyLittleThing and Nasty Gal are well-liked by younger consumers, announced that Morana, who served as a board member at Boohoo from 2014 to 2017, would begin his new position on 19th February. It said that its trading continued to reflect expectations in the market.
After a year of being severely impacted by supply chain problems, increased product returns, competition from competitors like Shein, and an increase in living expenses that has reduced consumer incomes, Morana will join Boohoo as it fights to resume growth.
The organisation issued a warning in October predicting that its yearly revenue will fall by more than 12 per cent to 17 per cent in the 12 months leading up to the end of February 2024.
Mahmud Kamani, the executive chairman and co-founder of Boohoo, who holds 12 per cent of the company, stated that Morana’s background in founding founder-led digital enterprises would be advantageous.
“Stephen is a highly regarded finance director who is well known to Boohoo,” Kamani said in a statement.
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