(Alliance News) - boohoo Group PLC on Tuesday said former non-executive Stephen Morana has returned to the fast fashion firm's board, replacing Chief Financial Officer Shaun McCabe.
The company also briefly updated on its trading, explaining things are going "in line with market expectations".
The Manchester-based firm said that Morana will assume the role of CFO from February 19. McCabe, however, leaves with immediate effect and "by mutual agreement".
The company said that Morana brings with him "significant experience in a range of businesses". He served as CFO of gambling firm Betfair Ltd and property portal Zoopla Ltd. He was formerly a non-executive at Ladbrokes owner Entain PLC, a post he also held at boohoo between 2014 and 2017.
boohoo Executive Chair Mahmud Kamani said: "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. He supported us through the initial public offering 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."
McCabe, who also leaves boohoo's board, had become CFO in October 2022. He had joined the board two years earlier as an independent non-executive director.
boohoo also said "trading remains in line with market expectations". The company concludes its financial on February 28.
Back in October, it revealed that revenue had fallen 17% to GBP729.1 million for the six months ended August 31, from GBP882.4 million a year prior.
It slashed its full-year revenue outlook, believing it will decline between 12% and 17% from the GBP1.77 billion achieved the year prior.
boohoo will publish its final results for the year ended February 28 in May.
Shares in the company rose 0.8% to 34.25 pence each in London on Tuesday morning.
By Hugh Cameron, Alliance News reporter
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