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Former Betfair finance chief steps in at Boohoo

Manchester fast fashion giant Boohoo has appointed former Betfair and Zoopla finance boss Stephen Morana as its new chief financial officer after previous CFO Shaun McCabe left the company last week.

Boohoo said McCabe’s departure was “by mutual agreement and with immediate effect”.

The company, which also majority owns brands including PrettyLittleThing, Revolution Beauty and Nasty Gal, said Morana, a board member at Boohoo between 2014-2017, would start his new role on Feb. 19.

Boohoo executive chairman and co-founder Mahmud Kamani, who currently owns 12% of the company after Mike Ashleigh’s Frasers Group became its largest shareholder late last year, said: “Stephen is a highly regarded finance director who is well known to Boohoo. (He) 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.”

Morana joins Boohoo as it faces pressure from a pair of recent BBC investigations. In November, it defended its treatment of suppliers following a Panorama investigation into practices at its flagship Leicester factory, while a more recent report alleged that Boohoo clothes made in South Asia had been marked with “Made in the UK” labels.

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