(Reuters) – British online supermarket and technology group Ocado (OCDO.L) said on Thursday Duncan Tatton-Brown would step down as chief financial officer after eight years in the role and be replaced by Rolls-Royce (RR.L) finance chief Stephen Daintith.
The company said Tatton-Brown, who is stepping down due to family circumstances, would continue as CFO until Nov. 22 after which he would be a non-executive director of three Ocado units.
“Ocado now has the financial capital required to take advantage of the global acceleration of online channel shift,” said Tatton-Brown, whose tenure with Ocado has seen the company’s share price shoot up more than 4000%.
Daintith’s appointment comes at a time when Ocado has predicted it and other online players will double their share of the UK grocery market within a few years, building on huge gains during coronavirus lockdowns.
Before joining Rolls-Royce in 2017, Daintith served as the CFO of Daily Mail and General Trust (DMGOa.L) and News International. He also held senior positions at Dow Jones, British American Tobacco (BATS.L), Forte and the Civil Aviation Authority.
He will remain in his current role at Rolls-Royce to support an orderly transition as he helps oversee 1 billion pounds ($1.32 billion) of cost cuts this year, the aerospace engineer said.
Ocado said his start-date will be confirmed when known.