Ocado has announced that Duncan Tatton-Brown is stepping down as Chief Financial Officer after eight years in the role. He will be replaced by current Rolls-Royce finance chief Stephen Daintith.
The fast-growing online grocer said Tatton-Brown was relinquishing the position due to family circumstances. He has supported Ocado’s rapid growth in recent years which has led to its market capitalisation exceeding the likes of Sainsbury’s and Morrisons.
Tatton-Brown said today that Ocado now has the financial capital required to take advantage of the global acceleration of online channel shift. He will continue as CFO until 22 November after which he will become a non-executive director of three Ocado subsidiaries, including the retail unit that is now a joint venture with M&S.
Prior to Rolls Royce, Daintith held senior roles at the Daily Mail and General Trust, Dow Jones and News International. Ocado said his international, engineering and manufacturing experience will be a valuable addition to the business.
The group’s Chief Executive Tim Steiner commented: “I am looking forward to working closely with him to drive Ocado forward and take full advantage of the opportunities that we see ahead.”
Daintith added: “Ocado has become established as the partner of choice for the world’s leading grocery retailers, offering a scalable and sustainably profitable solution that provides their customers with the best online delivery experience. I look forward to playing my part in ensuring the continued success of the Group in the years ahead.”
Daintith will remain in his current role at Rolls-Royce to support an orderly transition with Ocado saying his start-date will be confirmed when known.
The change comes at a time when Ocado is seeing rocketing sales on its own website and growing demand for its cutting-edge warehouse and delivery technology from retailers around the world as the online grocery channel gains significant share amid the coronavirus pandemic.
