Ocado ropes in Rolls-Royce executive to replace long-time CFO

Reuters

Published Aug 27, 2020 02:36AM ET

Updated Aug 27, 2020 03:20AM ET

(Reuters) - British online supermarket and technology group Ocado (L:OCDO) 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 (L:RR) 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 (L:DMGOa) and News International. He also held senior positions at Dow Jones, British American Tobacco (L:BATS), 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.