By Michael Susin


Ocado Group said its chairman, Rick Haythornthwaite, will step down due to his increasing commitments as chairman of NatWest Group.

He won't seek re-election to Ocado's board at the annual general meeting in April 2025, the online grocer said Thursday.

Haythornthwaite said he decided to step down from Ocado due to the workload and expected increase in pressures on his time over the medium term, and after speaking to all parties since his appointment to NatWest.

"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," he said.

NatWest said in September that Haythornthwaite would join the board on Jan. 8 as a nonexecutive director, and would succeed Howard Davies as chairman on April 15, with annual pay of 775,000 pounds ($980,530). It also said Haythornthwaite had stepped down as a director of Globant and from his private company directorships, except in the case of his position at the Automobile Association, where he would transition from chair to nonexecutive director.

Ocado shares at 0814 GMT were down 1.8% at 431.4 pence. NatWest shares were up 1.5% at 276.7 pence.


Write to Michael Susin at michael.susin@wsj.com


(END) Dow Jones Newswires

04-04-24 0435ET