AO World's chairman Richard Rose steps down

AO World’s non-executive chairman Richard Rose has decided to step down from the online retailer after eight years, the company announced on Thursday.

Rose will leave the board once a successor has been appointed, which is expected to be announced by the 2016 annual general meeting in July.

Senior independent director, Brian McBride, will lead the nominations committee process to appoint a successor.

In January the online white goods retailer posted a rise in third quarter revenue and said its group performance remained in line with expectations, with a launch in the Netherlands on track for the spring.

Shares jumped 5.57% to 180.20p at 1237 GMT.