Boohoo appoints The Trainline’s McCabe CFO following profits slide

Online fast fashion retailer Boohoo has poached Shaun McCabe the chief financial officer (CFO) at ticket booking site The Trainline to head 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 up the position of CFO at Boohoo later this year replacing Neil Catto who will serve on the group board as executive director. Catto will remain as CFO until his replacement takes up his post.

Mahmud Kamani, group executive chairman at Boohoo, added: “Neil has been key to the group’s success since it listed and I would like to take this opportunity to extend my gratitude, and that of the board, for his contribution to the business.”

Boohoo reported its full year results last month with  pre-tax profits for the 12 months to the end of February plunging to £7.8 million from £124.7 million a year earlier as distribution costs rose and customer demand fell with the easing of lockdowns.

The company also made an unsuccessful attempt to bail out fellow fast fashion retailer Missguided, only to be pipped to the post by Mike Ashley’s Frasers Group with a £20 million bid, snatching the Manchester-based company from the jaws of the administrator. 

McCabe already has a history with Boohoo having joined the retailer’s board as non-executive director in 2020.

He is the current chair of the audit and risk committees as well as sitting on the remuneration, ESG and nomination committees at Boohoo.

Following his appointment, Brian Small will replace McCabe as chair of the audit committee, with Tim Morris taking on the responsibility of chairing the risk committee. Boohoo will now seek to replace McCabe’s previous role and recruit one further non-executive director.

McCabe said: “I know the senior management team and the group well after serving on the board. Neil has built a solid foundation for the group and I look forward to helping the management team execute Boohoo’s growth strategy as CFO.”