Michael Grade to step down as Ocado chairman - FT

LONDON Mon Jan 21, 2013 10:45pm GMT

Michael Grade, former chairman of the BBC in London January 31, 2012. REUTERS/Stringer

Michael Grade, former chairman of the BBC in London January 31, 2012.

Credit: Reuters/Stringer

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LONDON (Reuters) - Broadcasting industry executive Michael Grade is to step down as chairman of online grocer Ocado (OCDO.L), the Financial Times reported on its website on Monday.

Grade, who has been chairman of the British Broadcasting Corp and executive chairman of ITV (ITV.L), joined the board of Ocado in 2006. His tenure as non-executive chairman included bringing the company to the market in July 2010.

He will step down at the retailer's AGM in May, the FT said, citing people familiar with the situation.

Shares in the group closed up 9.25 percent on Monday at a six-month high of 95 pence, although still well down on its listing price of 180 pence.

A spokeswoman for Ocado declined to comment on the report.

(Reporting by Paul Sandle; Editing by Richard Chang)

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