(Reuters) -British online supermarket Ocado (LON:OCDO) said on Thursday Chairman Rick Haythornthwaite will step down next year due to his "increasing commitment" at banking group NatWest (LON:NWG).
"Since the announcement of my appointment as group chair of NatWest I have given extensive thought to my workload ... it has become evident that pressure on my time is likely to increase over the medium term," Haythornthwaite said in a statement.
Haythornthwaite, who joined as Ocado chair in 2021 and will not stand for re-election at the firm's annual general meeting in April 2025, said he's made public his intention to step down a year in advance to give Ocado enough time to find his successor.
The 67-year-old British national will take on his new role at NatWest this month, as the British bank seeks to contain the fallout from a row with former Brexit party leader Nigel Farage.