2
February 2024
Ocado Group plc
("Ocado")
Director
Changes
Ocado today announces
changes to the composition of the Ocado Group
Board.
Mark Richardson and Neill Abrams will
step down as Executive Directors of the
Ocado Group Board of Directors with effect from 2 February 2024.
Mark will continue in his role
as Chief Executive Officer of the Ocado Intelligent
Automation business, a business that provides automated
fulfillment technology in sectors outside of grocery retail and
AI-powered software applications necessary to operate that
technology long term.
Neill will remain in his position as
Group General Counsel and Company Secretary of the Ocado Group, and
also retain responsibility for Ocado's real estate and
sustainability groups.
Mark and Neill will remain members of
the Executive Committee, the executive management team for Ocado
Group led by the Chief Executive Officer.
These changes reflect the Board's
focus on refreshing the composition of the Board and moving the
Board closer to a more conventional listed company board structure,
with two Executive Directors and eight Non-Executive Directors
(including the Chair). Ocado now exceeds its Board Diversity
objective for female representation on our Board, with 50% female
Directors.
Rick
Haythornthwaite, Chairman of Ocado, said:
"This next step in our Board refresh
shifts the Board towards a better balance of objectivity and
independent oversight of all Board matters and allows Mark and
Neill to focus on the day-to-day management of Ocado and
implementation of the strategic objectives set by the Board. I am
extremely grateful for their strong leadership and valuable
contribution to the Board over many years and I look forward
to continuing to work closely with them."
Tim
Steiner, Chief Executive Officer of Ocado, said:
"These changes allow both Mark and
Neill to pivot their attention to the growth and resilience of the
business. Mark's significant experience at Ocado has already proved
invaluable in leading our Ocado Intelligent Automation business and
we look forward to Mark continuing his strong leadership as we
revolutionise the whole ASRS and robotic handling sectors over the
next few years. Neill was on the founding team of Ocado, joining
the Board as an Executive Director in 2000. His extensive legal
expertise and knowledge of Ocado Group has been invaluable as we
built a FTSE 100 business from scratch. I would like to thank them
both for their valuable contribution to the good governance of
Ocado Group and continued support to the management
team."
Contacts:
●
Tim Steiner, Chief Executive Officer, on 01707 228
000
●
David Shriver, Chief
Reputation Officer, on 01707 228
000
●
Martin Robinson, Teneo, on 020 7353 4200
Notes:
1. There are no other details to disclose under paragraph 9.6.13
of the Listing Rules.
2. More information related to Mark and Neill's remuneration for
2022/23 will be detailed in the Directors' Remuneration Report in
the 2022/23 Annual Report and Accounts.
3. The remuneration disclosures required pursuant to section 430(2B) of the Companies Act 2006 will be made
available in due course at www.ocadogroup.com.
The
person responsible for arranging the release of this
announcement:
Robert Cooper
Chief Compliance Officer
Ocado Group plc
Buildings One & Two Trident
Place
Mosquito Way
Hatfield
Hertfordshire
AL10 9UL
Tel: +44 (0)1707 228 000
Email: company.secretary@ocado.com
Ocado Group plc LEI:
213800LO8F61YB8MBC74