Boohoo welcomes new finance boss Shaun McCabe with a £1.1m golden hello
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Boohoo welcomes new finance boss Shaun McCabe with £1.1m golden hello
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Boohoo welcomed its new finance boss with a £1.1 million gold hello.
The struggling fast fashion retailer gave Shaun McCabe 3 million shares in the company, which will vest in 2025.
It said the shares will compensate McCabe for the loss of benefits from his old job as finance boss of online ticketing platform Trainline.
Struggling fast fashion retailer Boohoo gave Shaun McCabe 3 million shares in the company, which will vest in 2025
He could also get over £630,000 a year depending on his performance.
Boohoo stripped the 54-year-old in June after spending six years with the ticketing app. He took office yesterday, replacing Neil Catto, who will remain on the board as executive director.
McCabe is tasked with getting the controversial group, which includes Pretty Little Thing and Karen Millen, back on its feet.
It has been plagued by a slump in demand, hit hard by rising costs and is also under investigation by the UK competition watchdog over potentially misleading customers with its sustainability claims.
Stocks are down 83 percent in the past year and investors are betting they will fall even further. Boohoo has become the most shorted stock in the UK.