Boohoo appoints ex-Asos director as CFO amid board reshuffle

Boohoo has appointed ex-Asos director Shaun McCabe as the chief financial office (CFO) for the online fashion giant as part of a board reshuffle which sees him replacing Neil Catto.

Catto, who will be be taking on a new role as executive director, will remain on the board where he will retain responsibility for strategic projects.

McCabe – who is expected to take up his new role later this year – joined the Boohoo board as a non-executive director in 2020 and is currently the chair of a number of committees, including audit and risk, remuneration, ESG and nomination.

Following the changes, Brian Small will replace McCabe as chair of the audit committee, with Tim Morris chairing the risk committee. Boohoo will also be recruiting an additional non-executive director.

Currently Trainline’s CFO, McCabe brings with him extensive digital and retail experience following his time as international director at Asos and CFO at Amazon Europe.

READ MORE: Boohoo records first ever sales drop in UK amid inflation concerns

Boohoo’s group exec chair Mahmud Kamani said that Catto has been “key to the group’s success since it listed”, as he thanked him for his contribution to the business.

He also said that McCabe’s “digital and sector experience” would be “key to driving the group’s next stage of growth”.

The board shuffle comes shortly after Boohoo recorded the first UK sales decline in its history as it continues to grapple with supply chain disruption, intense competition and shifting post-pandemic consumer trends.

The fast fashion giant blamed the decline – a 1% fall in UK revenue and an 8% dip in overall sales – on tough comparisons with last year, when people were spending more online during lockdowns.

Boohoo said it had been anticipating a slowdown of sales as consumers’ online shopping in lockdown fuelled previously strong comparatives.

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