Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Boohoo appoints Stephen Morana as CFO as McCabe steps down
(Sharecast News) - Boohoo said on Tuesday that trading remains in line with market expectations as it announced the departure of chief financial officer Shaun McCabe "by mutual agreement" and with immediate effect. The online fashion retailer said Stephen Morana has been appointed to the board as CFO with effect from 19 February.
Morana is "widely recognised for his e-commerce expertise and he has significant experience in a range of businesses," Boohoo said.
He spent a significant part of his executive career as CFO of two founder-led, digitally disruptive businesses, Betfair and Zoopla, both of which he led through IPO. He has also been a non-executive director at Ladbrokes owner Entain and at Boohoo between 2014 and 2017.
Morana's most recent executive position was at Cazoo.
Executive chairman 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 IPO 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."
Russ Mould, investment director at AJ Bell, said: "There wasn't too much for investors to chew over in Boohoo's latest update on trading. There will be some relief the company is on track to hit the downbeat expectations unveiled in October but that is overshadowed by the departure of chief financial officer Shaun McCabe with immediate effect.
"It's the kind of development which reinforces the impression there's too much noise around Boohoo, whether it's ethical questions over its supply chain, sustainability concerns around fast fashion or a boardroom battle with fellow AIM company Revolution Beauty.
"McCabe had only been in the job for a little over a year and to lose a finance chief so rapidly is never a great look, even if Betfair and Zoopla alumni Stephen Morana looks a solid appointment as his replacement.
"The fact Morana has previously served on Boohoo's board as a non-executive director should mean he has a decent handle on the business too. He rejoins the company at a challenging time. The shares trade at a fraction of their pandemic highs as the whole online fast fashion model, of which it is a leading proponent, comes into question."
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing programme
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.