Trading at Boohoo remains in line with market expectations after the group announced that its chief financial officer (CFO) has stood down from the role with immediate effect.

The online clothing retailer recorded a year-on-year revenue drop of 10% across its core brands in H1 2023.

As a result, Boohoo announced in October 2023 that it expects sales across the 2023 financial year to drop by between 12% and 17%.

In its latest trading update, the retailer said it remains in line with market expectations and will report final results for the year ended 28 February 2024 in May.

The update came as the firm announced that Shaun McCabe had stepped down from his role as CFO by mutual agreement with immediate effect.

McCabe joined the board in October 2020 as an independent non-executive director and as chair of the audit and risk committees. He was appointed as CFO in October 2022.

In a statement, Boohoo said: "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."

As a result, Stephen Morana has been appointed as the firm's new CFO, commencing on 19 February.

Morana has strong expertise in the e-commerce market and has experience across a range of businesses.

He spent a large amount of his career as CFO at both Betfair and Zoopla, both of which he led through IPO. Morana has also previously worked as non-executive director at Boohoo, where he served for three years from 2014.

Investment director at AJ Bell, Russ Mould, added: "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 CFO 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."

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