Ocado Chairman Rick Haythornthwaite to Step Down Next Year
London, United Kingdom – September 29, 2023 – Ocado Group plc (OCDO), the UK’s largest online grocer, has announced that its Chairman, Rick Haythornthwaite, will step down next year. Haythornthwaite’s decision is attributed to his expanding responsibilities as the recently appointed Chairman of NatWest Group plc.
Time Constraints and Increased Commitment
Haythornthwaite highlighted the demands of his role at NatWest as the primary factor in his decision. He stated that “with the increasing commitments and growth expectations of the publicly-listed portfolio, it has become clear that the pressure on my time will likely amplify over the medium term.”
Haythornthwaite expressed his confidence in Ocado’s leadership team, citing their “strong and stable” presence and the company’s positive business momentum. He believes that this stability enables him to transition out of his role with confidence.
Legacy and Appreciation
Ocado’s Chief Executive, Tim Steiner, acknowledged Haythornthwaite’s significant contributions during his tenure as Chairman. “Rick has been instrumental in strengthening Ocado’s corporate governance and has played a pivotal role in guiding the company through a period of substantial growth,” said Steiner.
Since joining the board in May 2021, Haythornthwaite has witnessed a significant decline in Ocado’s share price. However, he expressed optimism about the company’s future. “Ocado has a bright future, and I am confident that the company will continue to deliver innovative and compelling solutions to its customers,” he said.
Future Implications
Haythornthwaite’s departure raises questions about Ocado’s leadership and its ability to maintain its competitive advantage in the rapidly evolving grocery market. The company has faced increasing pressure from traditional supermarkets and emerging e-commerce players.
Ocado’s share price has declined by approximately 2.1% following the announcement of Haythornthwaite’s departure. Investors will be keenly watching the company’s performance under new leadership and whether it can regain its previous growth trajectory.
Mehek