UK online retailer Ocado has announced changes to its senior management team as it reported that its CFO Andrew Bracey was due to leave the business.
Bracey will become the finance chief at recruitment group Michael Page International in April, Ocado announced today (23 January). The retailer said it had started to look for a replacement.
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Ocado also outlined changes to its executive team that chairman Michael Grade would give CEO Tim Steiner “greater freedom to drive Ocado’s strategy forward”.
Executive director Jason Gissing, one of Ocado’s founders, will take on the new board position of commercial director. Gissing will be responsible for Ocado’s retail activities, including marketing and brand development.
Mark Richardson, Ocado’s head of technology, has been promoted to a new role of operations director.
Meanwhile, former Vodaphone chief marketing officer Wendy Becker will join Ocado as an non-executive director.
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By GlobalDataOcado shares were down 2.34% at 85.6p at 17:18 GMT. Analysts at Shore Capital, who have questioned the retailer’s performance, were disappointed with the announcement of Bracey’s departure.
“We cannot see how such a resignation can be considered anything but bad news for Ocado,” Shore Capital analyst Clive Black said. “That Mr Bracey has decided to leave Ocado, billed as the next big thing by some, speaks volumes.”
