Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

UK supermarket Ocado says Haythornthwaite to step down as chair next year

Published 04/04/2024, 07:53
Updated 04/04/2024, 08:05
© Reuters. An Ocado grocery delivery van is driven along a street in London, Britain, March 25, 2023. REUTERS/Toby Melville

(Reuters) -British online supermarket Ocado (LON:OCDO) said on Thursday Chairman Rick Haythornthwaite will step down next year due to his "increasing commitment" at banking group NatWest (LON:NWG).

"Since the announcement of my appointment as group chair of NatWest I have given extensive thought to my workload ... it has become evident that pressure on my time is likely to increase over the medium term," Haythornthwaite said in a statement.

Haythornthwaite, who joined as Ocado chair in 2021 and will not stand for re-election at the firm's annual general meeting in April 2025, said he's made public his intention to step down a year in advance to give Ocado enough time to find his successor.

The 67-year-old British national will take on his new role at NatWest this month, as the British bank seeks to contain the fallout from a row with former Brexit party leader Nigel Farage.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.