She has been a non-executive director at the fast fashion retailer since 2020
Online fast fashion retailer Boohoo has hunted down Sean McCabe, chief financial officer (CFO) at ticket booking site The Trainline, to lead the company’s finances.
He previously held the position of international director at online retailer Asos as well as finance boss for Amazon Europe and will take over as CFO at Boohoo later this year, replacing Neil Cato who serves on the group board as executive director. Will work Cato will continue as CFO until his replacement takes over.
Mahmoud Kamani, Group Executive Chairman at Boohoo, said: “Neil has been key to the Group’s success since its listing and I would like to take this opportunity to extend my gratitude to the Board for their contribution to the business.”
Boohoo reported its full-year results last month, in which pre-tax profit for the 12 months to the end of February fell to £7.8 million from £124.7 million a year ago, as delivery costs increased and customer demand increased. Demand fell with the easing of the lockdown.
The company also unsuccessfully attempted to oust fellow fast fashion retailer Missguided, only to be ousted by Mike Ashley’s Frasers Group with a £20 million bid, stripping the Manchester-based company from the jaws of administrators.
McCabe already has a history, with Boohoo joining the retailer’s board in 2020 as a non-executive director.
He is the current chair of the Audit and Risk committees, as well as sitting on the Remuneration, ESG and Nominations committees at Boohoo.
Following his appointment, Brian Smalls will replace McCabe as chairman of the audit committee, with Tim Morris taking over the responsibility of chairing the risk committee. Boohoo will now seek to replace McCabe’s previous role and recruit another non-executive director.
McCabe said: “I’ve known the senior management team and the group well since serving on the board. Neil has built a solid foundation for the group and I serve as CFO to the management team executing Boohoo’s growth strategy. I look forward to helping.”
Credit: www.standard.co.uk /