Mastercard’s Richard Haythornthwaite to succeed Stuart Rose as Ocado chairman
Mastercard’s Richard Haythornthwaite has been named Ocado’s chairman, replacing Stuart Rose.
Haythornthwaite, chairman of the financial giant, will join in January as an independent director before taking over after the online grocer’s annual general meeting in May.
He will retire from his position at Mastercard at the end of this year.
Change at the top: Mastercard’s Richard Haythornthwaite has been named Ocado’s chairman, replacing Stuart Rose
Rose, 71, has been Ocado chairman for eight years. Over his tenure the firm has become an established FTSE 100 company.
Rose remains chairman of vehicle hire company Zenith, and of Time Out’s food market division.
He is best known for his stint running Marks & Spencer from 2004 until 2011, during which time he defeated a hostile takeover bid from Philip Green.
Tim Steiner, Ocado chief executive, said: ‘Stuart has overseen the transformation of the business from a FTSE 250 online grocer to a FTSE 100 global technology company.
‘His guidance, counsel and strategic vision have been invaluable to the board and to me personally.’