Ocado announces board changes and departure of CFO
Ocado has announced that Andrew Bracey, its chief financial officer, has resigned from the group to join recruitment consultants Michael Page International.
Bracey is expected to leave the online grocer in April after he has completed the group’s year-end audit and annual report. Ocado said a formal process to identify his successor has already begun.
Tim Steiner, chief executive, commented: "We are grateful to Andrew Bracey for his vital contribution at the IPO and in our time as a public company. He has been a great friend to the business and a wonderful colleague. We wish him well."
Ocado also announced a number of other board changes today.
Jason Gissing, a Ocado co-founder and current executive director, will take on the new board position of commercial director, where he will assume responsibility for buying, supplier and customer relationships, marketing and brand development.
Gissing’s previous remit for HR will transfer to Neill Abrams, current executive director and director of legal and business affairs.
Mark Richardson, currently Ocado's head of technology, will be promoted to a newly created board role of operations director.
In a new appointment, Wendy Becker will join Ocado as an independent non-executive director. Becker was previously group chief marketing officer at Vodafone and managing director of TalkTalk Telecom, and was also the partner leading McKinsey's consumer practice. Currently Becker is a non-executive director at Whitbread and a trustee of Cancer Research UK. She will assume her role at Ocado on 1 March.
Commenting on the board changes Steiner said: "The changes to executive responsibility that we are announcing today will allow Tim Steiner greater freedom to drive Ocado's strategy forward.
"Jason Gissing is one of the co-founders of the business and has been a critical member of the executive team. In his new role he will be at the heart of our retail development as we look to increase the reach and profitability of the business.
"Mark Richardson has worked closely with Tim as we have addressed the capacity issues of recent months. We believe we have re-established a positive path to allow us to meet increased demand in 2012. Mark will now take full responsibility for the day to day technical and operating side of the business.
"Wendy Becker is a welcome addition to the non-executive team. She is expected to chair the company's remuneration committee when David Young retires at the AGM and her experience in retail, technology and customer service at Whitbread, Vodafone and TalkTalk, will add greatly to our talents and perspective."
He added: "I am delighted that Jason, Neill and Mark have taken on their new roles and look forward to working closely with them to ensure the continued development of Ocado."
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