Boohoo welcomes new finance boss Shaun McCabe with a £1.1m golden hello
Boohoo welcomed its new finance boss with a £1.1million golden hello.
The struggling fast fashion retailer gave Shaun McCabe 3m shares in the business, which will vest by 2025.
It said the shares will compensate McCabe for the loss of benefits at his old job as the finance boss of online ticketing platform Trainline.
Struggling fast fashion retailer Boohoo gave Shaun McCabe 3m shares in the business, which will vest by 2025
He could also be paid more than £630,000 per year depending on his performance.
Boohoo poached the 54-year-old in June after he spent six years at the ticketing app. He took up his post yesterday, replacing Neil Catto, who will stay on the board as an executive director.
McCabe will be tasked with getting the embattled group, whose brands include Pretty Little Thing and Karen Millen, back on the front foot.
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 over potentially misleading customers with its sustainability claims.
Shares are down 83 per cent in the past year and investors are betting they have further to fall. Boohoo has become the UK’s most shorted stock.