Manchester-based online fashion giant Boohoo announced that Shaun McCabe has resigned from his role as chief financial officer (CFO) “by mutual agreement and with immediate effect.”

McCabe has also stepped down from the Boohoo board with immediate effect.

McCabe was appointed CFO in October 2022.

“The board takes this opportunity to thank Shaun for his valued contribution to the group during his tenure and wishes him every success for the future,” said Boohoo.

Boohoo also announced the appointment of former Cazoo, Betfair and Zoopla executive Stephen Morana to the board as its new CFO, commencing on February 19, 2024.

“Stephen is widely recognised for his e-commerce expertise and he has significant experience in a range of businesses,” said Boohoo.

“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 and helped to create significant shareholder value.

“Stephen has also been a non-executive director at Entain, the FTSE100 group, and here at Boohoo (2014 -2017).

“He has also been a venture partner at Octopus Ventures. His most recent executive position was at Cazoo plc. He is a qualified chartered accountant and a member of the INSEAD alumni.”

Boohoo’s brands include PrettyLittleThing and Nasty Gal.

Boohoo Group 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.”

Boohoo also confirmed that “trading remains in line with market expectations” and that it will report final results for the year ended February 28, 2024, in May.