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Ocado chair Michael Grade poised to retire
OCADO chairman Michael Grade is set to announce his retirement as chairman of the online retailer as early as today.
Lord Grade, formerly executive chairman of ITV, has been chairman of Ocado for seven years, overseeing the company’s £800m float three years ago.
He is tipped to stand down at Ocado’s annual general meeting in May.
Last night Ocado, which supplies Waitrose goods, declined to comment. However a source close to the company told City A.M.: “Lord Grade turns 70 this year and I don’t think this will be a huge surprise to the City.”
The retirement, and search for a new chairman, comes as loss-making Ocado faces more headwinds.
It faces increasing online competition and Waitrose could end its supply contract as early as 2017.