Boohoo Group has witnessed a notable shift in its executive team.
- Stephen Morana, known for his financial acumen, steps in as the new CFO.
- Morana replaces Shaun McCabe, who had a brief tenure of 15 months.
- McCabe’s departure was by mutual agreement and took effect immediately.
- Despite changes, Boohoo’s trading aligns with market expectations.
Boohoo Group has appointed Stephen Morana as the new Chief Financial Officer (CFO), succeeding Shaun McCabe. This executive transition is notable as McCabe departs from his role after a brief period of 15 months, with the decision being determined by mutual agreement and taking immediate effect.
Stephen Morana’s professional background is distinguished by his previous roles as a non-executive director at Boohoo from 2014 to 2017. Additionally, Morana has served as CFO at Betfair for a decade, from 2002 to 2012, and at Zoopla from 2013 to 2016. His experience within Boohoo and across global digital businesses positions him well for the challenges of his new role.
Morana is set to assume his new role at Boohoo on 19 February. His appointment happens as the company prepares to report its final financial results for the year ending 28 February 2024 in May. This timeframe indicates a critical transition period, where Morana’s capability to steer financial strategies will be pivotal.
Despite the changes in leadership, Boohoo has confirmed that its trading performance remains consistent with market expectations. This suggests a level of stability within the company’s operational framework amidst executive changes.
Mahmud Kamani, Boohoo’s Group Executive Chairman, has expressed confidence in Morana’s abilities, pointing to his previous contributions to Boohoo’s initial public offering and his wealth of experience in the digital business sector. Kamani highlights Morana’s potential to support Boohoo’s growth ambitions effectively.
This strategic move reflects Boohoo’s commitment to stability and growth amidst executive changes.
