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(Alliance News) - Ocado Group PLC said on Thursday that its chair intends to step down next year, as "pressure" on his time will grow after taking on the position at lender NatWest Group PLC.
The Hertfordshire-based online grocer announced that Rick Haythornthwaite will not seek re-election at April 2025's annual general meeting, for the role he has held since 2021.
Haythornthwaite said: "With the benefit of time and greater visibility of the expected growth in requirements of the publicly-listed portfolio, it has become evident that pressure on my time is likely to increase over the medium term."
He currently serves as non-executive director of NatWest, assuming the role of chair on April 15, NatWest said in September. The move came weeks after the bank replaced its chief executive amid a row over the de-banking of UK politician Nigel Farage.
Haythornthwaite was chair of British Gas-owner Centrica PLC from 2014 to 2019 and of Network Rail Ltd from 2009 to 2012. Haythornthwaite also was chair of Mastercard Inc from 2006 to 2020.
He will replace Howard Davies at NatWest.
Ocado Chief Executive Officer Tim Steiner said: "Rick has done a great job strengthening corporate governance, providing the executive team with wise advice and, together with a renewed and refocused board, helping us grow the business over the last three years... We are confident that we can then further build on the strong foundations that Rick has helped put in place."
Ocado shares were down 1.2% to 434.10 in London on Thursday morning.
By Elijah Dale, Alliance News reporter
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