M&S strategy director appointed CEO of Ocado JV as deal completes

Ocado said on Monday that it has completed its joint venture arrangements with Marks & Spencer, as it announced that Melanie Smith, currently strategy director at M&S, has been appointed as chief executive officer of the new JV.

The company also said that Lawrence Hene, currently the interim managing director of Ocado Retail Limited, will become deputy CEO for a transitional period before moving back into a senior role within the group.

Ocado and M&S announced back in February that they were forming a new JV. M&S agreed to pay Ocado £750m for a 50% share of the new JV, with Ocado retaining 50% ownership.

Ocado's CEO, Tim Steiner, said: "Ocado retail's future, as part of a joint venture with M&S, is full of opportunity. The new company will be able to offer customers even greater range, service, quality and value. Our collaboration will also allow us to grow the business faster, add more jobs, and create more value for all our stakeholders. We are very excited to be working together."

M&S CEO Steve Rowe said: "I am absolutely delighted that our JV will be led by Melanie. She is a real talent; who combines extensive retail knowledge, strategic vision and a focus on delivery."

At 0930 BST, M&S shares were down 4.2% to 192.60p and Ocado shares were down 3.6% to 1,164.50p.