Boohoo welcomes new finance boss Shaun McCabe with a £1.1m golden hello
Boohoo welcomed its new finance boss with a golden £1.1m hello.
The struggling fast fashion retailer has given Shaun McCabe 3 million shares in the company, which will vest by 2025.
He said the shares will compensate McCabe for the loss of benefits from his former job as chief financial officer of online ticketing platform Trainline.
Struggling fast fashion retailer Boohoo has given Shaun McCabe 3 million shares in the company, which will vest by 2025
He could also be paid over £630,000 a year depending on his performance.
Boohoo poached the 54-year-old in June after spending six years on the ticketing app. He took office yesterday, replacing Neil Catto, who will remain on the board as executive director.
McCabe will be tasked with putting the beleaguered group, whose brands include Pretty Little Thing and Karen Millen, back on stage.
It has been hammered by a slump in demand, hit hard by soaring costs and is also under investigation by the UK’s competition watchdog into potentially misleading customers with its allegations of sustainability.
Stocks have fallen 83% in the past year and investors are betting they have yet to fall. Boohoo has become the UK’s best-selling stock.