Ocado Group CFO Duncan Tatton-Brown to step down

groceries

Ocado Group plc (LON:OCDO) has announced that after eight years as Chief Financial Officer of the Group, Duncan Tatton-Brown has decided to step down from the Ocado Group Board due to family circumstances. He will be succeeded by Stephen Daintith who is currently Chief Financial Officer of Rolls-Royce Holdings plc. A start-date will be confirmed when known. Duncan will remain in his role as CFO until 22 November 2020 and he will then continue as a non-executive director of three Ocado subsidiaries: Ocado Retail Limited (our joint venture with M&S), Jones Food Company Limited and Karakuri Ltd.

During his time at Rolls-Royce Stephen has focused on managing a significant turnaround of the business. Stephen has a deep understanding of international business across various sectors, having worked in the UK and internationally during his career, with senior roles at Daily Mail and General Trust plc, Dow Jones & Co. and News International. His experience internationally and in engineering and manufacturing will be very valuable additions as Ocado continues its growth as a leading technology-led global software and robotics platform business.

Lord Rose, Chairman of Ocado, said:

“I would like to thank Duncan on behalf of the Board for his valuable contribution to the Company and the Board.

We are delighted that Stephen will be joining the Board and the Company as CFO. Stephen’s broad experience will be an asset to the Company as we continue to grow and develop the business at pace.”

Tim Steiner, Chief Executive Officer, said:

“Duncan joined us in 2012 when Ocado was a very different business to what it is today. He has made a critical contribution to our growth as a company and the successful execution of our strategy. As importantly, he has been a highly valued colleague to us all and we will miss him.

“Following a thorough search and selection process, I am delighted to be welcoming Stephen to Ocado Group. Stephen has a wealth of valuable experience and I am looking forward to working closely with him to drive Ocado forward and take full advantage of the opportunities that we see ahead.”

Duncan Tatton-Brown said:

“I have enjoyed my time at Ocado tremendously. This is an amazing business with huge growth opportunities ahead of it. Family circumstances, however, mean that this is the right time for me to step down from my role as Chief Financial Officer. Ocado now has the financial capital required to take advantage of the global acceleration of online channel shift. I will remain on a number of boards connected to Ocado and so I am fortunate that I will continue to have a front row seat in the extraordinary journey Ocado is on.”

Stephen Daintith said:

“I am delighted to be joining Ocado Group at such an exciting time. Ocado has become established as the partner of choice for the world’s leading grocery retailers, offering a scalable and sustainably profitable solution that provides their customers with the best online delivery experience. I look forward to playing my part in ensuring the continued success of the Group in the years ahead.”

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