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Technology

Ocado Announces Changes To Its Board of Directors

By Dayeeta Das
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Ocado Announces Changes To Its Board of Directors

British online supermarket and technology firm Ocado Group has announced that Mark Richardson and Neill Abrams will step down as executive directors of its board, effective immediately.

Richardson will continue to serve as the chief executive officer of the Ocado Intelligent Automation business.

The division provides automated fulfilment technology in sectors outside of grocery retail and AI-powered software applications necessary to operate that technology long term.

Elsewhere, Abrams 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 units.

Richardson and Abrams will remain members of the executive committee, led by the chief executive officer.

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'Better Balance'

Rick Haythornthwaite, chairperson 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 [Richardson] and Neill [Abrams] to focus on the day-to-day management of Ocado and implementation of the strategic objectives set by the board."

Ocado added that the move will enable the creation of a conventional listed company board structure, with two executive directors and eight non-executive directors, including the chair.

It has also allowed the company to exceed its board diversity objective for female representation, with 50% female directors.

Tim Steiner, chief executive officer of Ocado said, "These changes allow both Mark [Richardson] and Neill [Abrams] to pivot their attention to the growth and resilience of the business."

Read More: Ocado Retail Fourth Quarter Results – What The Analysts Said

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