Ocado announces new chief financial officer

Ocado has appointed Stephen Daintith as its new chief financial officer, following Duncan Tatton-Brown’s decision to step down from the role due to family reasons.

Daintith will join from Rolls-Royce Holdings plc, where he currently holds the post of CFO, although a start date has not yet been confirmed.

Tatton-Brown will continue as CFO of Ocado until 22 November 2020, after which he will continue as non-executive director of the three Ocado subsidiaries Ocado Retail Limited, Jones Food Company Limited, and Karakuri Ltd.

Prior to Rolls-Royce, Daintith has held senior positions at Daily Mail and General Trust plc, Dow Jones & Co, and News International. Ocado cited his role in managing a “significant turnaround” of the business at Rolls-Royce, as well as his experience in engineering and manufacturing, as being very important to helping the company continue its growth “as a leading technology-led global software and robotics platform business”.

Tim Steiner, chief executive officer at Ocado commented: "Duncan joined us in 2012 when Ocado was a very different business to what it is today. He has made a critical contribution to our growth as a company and the successful execution of our strategy. As importantly, he has been a highly valued colleague to us all and we will miss him.

"Following a thorough search and selection process, I am delighted to be welcoming Stephen to Ocado Group. Stephen has a wealth of valuable experience and 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 said: "I am delighted to be joining Ocado Group at such an exciting time. 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."

Ocado’s retail business has performed strongly during the Covid-19 crisis, posting a 27% revenue increase for the first six months of 2020. It’s also preparing to begin its partnership with Marks & Spencer (M&S) from next week, in which 5,000 M&S Food lines will be available via ocado.com.