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Could new CFO appointment indicate future public offering for Cazoo?

Incoming Cazoo chief financial officer, Stephen Morana

Cazoo has completed the appointment of Stephen Morana as its new chief financial officer (CFO), hailing his track record and experience as “second to none”.

The appointment comes 13 months after the online car retailer announced that the former chief financial officer of Paddy Power Betfair, Alex Gersh, has joined as its first CFO.

In announcing the appointment of Morana this week, Cazoo’s highlighted his central role in the flotation two leading UK digital businesses in recent years, Betfair and Zoopla, both achieving “multi billion-pound valuations”.

Morana also sat on the board of online fashion giant Boohoo when it went public and he is currently the senior independent director at FTSE 100 gambling giant GVC.

Boohoo is now the highest valued AIM listed business.

Alex Chesterman OBE, the founder and chief executive of Cazoo – a co-founder of Zoopla – said: “I am delighted to welcome Stephen to Cazoo and to be working with him again.

“His track record and experience are second to none and he will be a great addition to our team.

“There is nobody who has had greater exposure to some of the UK’s most successful digital businesses over the past decade and he will play a key role in helping to deliver on our ambition of creating the best car buying experience in the UK over the coming years.”

Morana's appointment to Cazoo come just a fortnight after ths business welcomed former LoveFiLM group operation director Fern Wake as its new chief operations officer.

Wake, who was also one of Amazon’s first appointments when it entered the UK market, according to Cazoo's statement on June 1.

Morana will take up his new post at Cazoo in mid-July.

His arrival follows the online car retailer’s recent success in attracting a further £100m in funding, taking its total funding to £180m to date.

Last week Cazoo also announced a multi-year agreement to become the main partner and shirt sponsor of Premier League football club, Everton FC.

Cazoo owns and fully reconditions all its cars through an agreement with BCA before offering them for sale online and delivering them to customers’ doors within as little as 72 hours.

Buyers can purchase or finance one of the thousands of Cazoo cars entirely online as well as getting an instant offer for any part exchange.

Every Cazoo also car comes with a seven-day money-back guarantee and free comprehensive 90-day warranty and roadside assistance.

In an interview with AM magazine, published in the April 2020 digital edition, Chesterman said: "To those who say this isn't what consumers want, I'm here to tell them that they are wrong."

Morana said: “What Cazoo has achieved in under a year is incredible and I’m really looking forward to joining the team.

“Selling thousands of cars and generating over £40m of revenues in just a few months since launch is exceptional.

“I have been lucky to work for some amazing businesses and wasn’t planning to take another full time role but, having worked with Alex before, I know that he is building a world-class operation with Cazoo that will transform the way people buy used cars in the UK by providing consumers with better selection, value and convenience. I can’t wait to get started.”

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