High-profile CFO is boohoo’s first ‘scandal’ appointment
Posted on November 17, 2020 by Jonathan Symcox
boohoo has appointed Trainline CFO Shaun McCabe as a non-executive director.
The appointment, which will see McCabe chair the audit committee, is the first of two promised by the eCommerce giant following an independent review into its supply chain led by Alison Levitt QC.
The review was ordered following a Sunday Times investigation which revealed poor conditions at a factory in Leicester and led to several leading retailers dropping its clothes.
McCabe, 52, will join the board with immediate effect as boohoo drives forward an ‘agenda for change’ which is intended to improve its corporate governance, compliance and monitoring processes. He is also a NED at listed electricals retailer AO World.
He will also sit on boohoo’s remuneration and nomination committees.
McCabe has served as the CFO of Trainline since 2016 and is a former international director at boohoo’s online fashion rival Asos. He holds a minor stake in boohoo.
Prior to that he spent a decade at Amazon, where he was CFO for its European operations. He also has experience at Homebase, Whitbread and EY.
“I am delighted to be joining boohoo at an exciting time when it is implementing its agenda for change,” said McCabe.
“Having spoken extensively with fellow members of the board, I look forward to helping the group add further independent experience and increased oversight on matters of compliance and business practices.”
The Leicester scandal saw more than £1.5 billion being wiped off the firm’s valuation, falling to £3.2bn. Its market cap recovered to around £4.5bn but has since fallen back to £3.6bn.
Executive chairman Mahmud Kamani said: “I am committed to supporting and driving our agenda for change to build a better boohoo for the benefit of all of the group’s stakeholders.
“I am delighted to welcome Shaun to the group. His deep knowledge and experience of eCommerce and retail will be a great asset to the board.
“We are committed to implementing our agenda for change that will help us on our journey to lead the fashion eCommerce market globally.”