Online food company Ocado has unveiled Sir Stuart Rose, who was formerly the Executive Chairman of the British retailer Marks & Spencer, as its new independent Non-Executive Director and Chairman Designate, effective from March 11th.

Two months later the City grandee will become Chairman, following the group's annual general meeting on May 10th.

Lord Grade is set to retire as both a Non-Executive Director and as Chairman on the same day.

Tim Steiner, Chief Executive Officer, said: "Sir Stuart is joining Ocado as we enter a hugely exciting period, with a near doubling of our capacity. We are looking forward to benefiting from his extensive retail experience and counsel."

Sir Stuart Rose commented: "I have been very impressed at the impact and progress Ocado has made to date. As retail goes through a fundamental shift into the digital world, I believe Ocado's model and the high standards of customer service it provides will see it emerge as a powerful online player."

"I am looking forward to being part of the team," he added.

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