Boohoo grants chief financial officer 400,000 pounds in shares

British online fashion retailer Boohoo.com has awarded its chief financial officer Neil Catto 1.6 million share options worth 400,000 pounds, after his previous options plummeted following a drop in the e-tailer’s share price.

Boohoo granted 11.2 million of ordinary shares, at an exercised price of 25.75 p to 172 employees are part of the company’s employee share option plan, with Catto’s share vesting in three years if the online fashion retailer hit certain targets.

Catto was previously awarded with options over 2 million shares after overseeing Boohoo.com through its stock market floatation last year March, which would have vested in three years at an exercise price of 50 p, if the online retailer hit its performance goals.

However, Boohoo’s shares have dropped in half in value following heavy discounting and delivery issues throughout the Christmas period which led to a profit warning earlier this year. Sales have improved since then, with Boohoo reporting a 27 percent increase in full-year sales in the 12 months to February 28.