Ocado announces new chair sooner than expected

Ocado has announced KKR senior advisor Adam Warby will succeed Rick Haythornthwaite as its chairman in December.

As well as working for KKR, Warby also serves as chair of management consultant firm Heidrick & Struggles, and previously held various positions at Microsoft and IBM.

Earlier this year, Ocado said Haythornthwaite would step down to focus on his role as chair of Natwest, a position he has held since this January.

However, the appointment of his successor has come sooner than initially thought; Haythornthwaite had previously said he would step down next April at the firm’s annual general meeting.

Haythornthwaite said: “I am delighted to welcome Adam to Ocado’s board as my successor at an important time in the Company’s development.

“It has been a huge pleasure to be the chair of Ocado over the last four years and to have had the opportunity to help a visionary technology business that continues to drive change in the online grocery industry and beyond.

“I look forward to seeing this market leading business continue to thrive under Adam’s stewardship in the years to come.”

Warby said: “It is a huge honour to join the Ocado board as chair designate. Ocado is a unique and innovative business, and a tremendous success story for the UK.

“I’m excited about the opportunities ahead, working with a visionary leadership team, an experienced Board, and the many talented colleagues across Ocado to grow the business and create greater value for our shareholders.”

The business, which delivers groceries via an online service as well as providing B2B robotics and automation services, remains loss-making, but chief executive Tim Steiner has said there was a “clear road-map” to profit by 2026.

However, investors have become increasingly cautious on its outlook.

Steiner added: “Adam joins us as chair designate at an important moment in Ocado’s development.

“Our world-leading technology is now live with 11 of our 13 partners globally, and we continue to expand the scope and reach of our technology into new markets and sectors.

“As we work with our partners to scale their online capabilities and hone their operations, Adam’s expertise as a leader in global technology and consulting will be a valuable asset to the Board and leadership team.”