There are brief trading updates and there are really brief trading updates and on Tuesday, Boohoo Group opted for the latter.

It said it “confirms that trading remains in line with market expectations, and that it will report final results for the year ended 28 February 2024 in May”.

Back in October, the company had slashed its annual sales forecast and warned that sales could fall by up to 17% in the current financial year and we have to assume that they have indeed fallen.

Had there been any good news for the Christmas trading period, it’s likely that would have been shared by the company on Tuesday.

However, it did offer more information about another development, saying that Shaun McCabe has stepped down from his role as CFO “by mutual agreement and with immediate effect”. He’s also stepped down from the board.

He joined the board in October 2020 as an independent Non-Executive Director and as Chair of the Audit and Risk Committees. He was appointed CFO in October 2022. It’s clearly been a tough tenure with the firm’s shares having started to fall 18 months earlier and the decline having continued since then.

And his replacement? Stephen Morana is stepping into the role and onto the board on 19 February.

The company said he’s “widely recognised for his e-commerce expertise and he has significant experience in a range of businesses”.

He spent a significant part of his executive career as CFO of two “founder-led, digitally disruptive businesses, Betfair and Zoopla, both of which he led through IPO and helped to create significant shareholder value”. He’s also been a Non-Executive director at Entain, the FTSE 100 group, and also at Boohoo from 2014 to 2017. He was a venture partner at Octopus Ventures and his most recent executive position was at Cazoo plc.

Mahmud Kamani, Group Executive Chairman, said he’s “a highly regarded finance director who is well known to Boohoo, having previously served on our board. He supported us through the IPO process and in our early years as a PLC. While the business has grown significantly since then, Stephen 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”.