Ocado chair Haythornthwaite to step down next year

Ocado said on Thursday that chairman Rick Haythornthwaite will be stepping down next year "due to his increasing commitment" as the recently-appointed chair of NatWest.

Haythornthwaite will step down at the annual general meeting in April 2025.

He said: "Since the announcement of my appointment as group chair of NatWest I have given extensive thought to my workload, listened to all parties and reflected on how I ensure that I deliver effectively on all fronts. With the benefit of time and greater visibility of the expected growth in requirements of the publicly-listed portfolio, it has become evident that pressure on my time is likely to increase over the medium term.

"“Given that Ocado has a strong and stable board, a high-quality management team as well as good momentum in business performance, I have made public my intention to step down a year from now to ensure that the company has sufficient time for a measured chair succession."

Chief executive Tim Steiner said: "Rick has done a great job strengthening corporate governance, providing the executive team with wise advice and, together with a renewed and refocused Board, helping us grow the business over the last three years.

"We are pleased that he will continue as chair for the next twelve months, allowing us plenty of time to find a suitable replacement and ensure an orderly transition. We are confident that we can then further build on the strong foundations that Rick has helped put in place."