Ocado chairman Rick Haythornthwaite is to step down next year after prioritising his “increasing commitment” as group chair to banking group NatWest.
Haythornwaite was appointed at the online supermarket in 2021, but has now revealed he will not be standing for re-election come Ocado’s annual general meeting in April 2025.
Haythornwaite said: “Since the announcement of my appointment as group chair of NatWest I have given extensive thought to my workload, listened to all parties and reflected on how I ensure that I deliver effectively on all fronts.
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“With the benefit of time and greater visibility of the expected growth in requirements of the publicly-listed portfolio, it has become evident that pressure on my time is likely to increase over the medium term.
“Given that Ocado has a strong and stable board, a high-quality management team as well as good momentum in business performance, I have made public my intention to step down a year from now to ensure that the company has sufficient time for a measured chair succession.”
The news comes as Haythornthwaite is due to take on his new role at NatWest later this month, replacing Sir Howard Davies as chair of the bank.
