On-line quick style retailer Boohoo has poached Shaun McCabe the chief monetary officer (CFO) at ticket reserving website The Trainline to move the corporate’s funds.
He beforehand held the place of worldwide director at on-line retailer Asos in addition to finance boss for Amazon Europe and will take up the place of CFO at Boohoo later this yr changing Neil Catto who will serve on the group board as government director. Catto will stay as CFO till his alternative takes up his submit.
Mahmud Kamani, group government chairman at Boohoo, added: “Neil has been key to the group’s success because it listed and I wish to take this chance to increase my gratitude, and that of the board, for his contribution to the enterprise.”
Boohoo reported its full yr outcomes final month with pre-tax income for the 12 months to the tip of February plunging to £7.8 million from £124.7 million a yr earlier as distribution prices rose and buyer demand fell with the easing of lockdowns.
The corporate additionally made an unsuccessful try to bail out fellow quick style retailer Missguided, solely to be pipped to the submit by Mike Ashley’s Frasers Group with a £20 million bid, snatching the Manchester-based firm from the jaws of the administrator.
McCabe already has a historical past with Boohoo having joined the retailer’s board as non-executive director in 2020.
He’s the present chair of the audit and threat committees in addition to sitting on the remuneration, ESG and nomination committees at Boohoo.
Following his appointment, Brian Small will substitute McCabe as chair of the audit committee, with Tim Morris taking up the accountability of chairing the danger committee. Boohoo will now search to interchange McCabe’s earlier position and recruit one additional non-executive director.
McCabe mentioned: “I do know the senior administration staff and the group nicely after serving on the board. Neil has constructed a strong basis for the group and I stay up for serving to the administration staff execute Boohoo’s development technique as CFO.”