Ocado Group PLC (LSE:OCDO) shares fell 2.1% after it said that chair Rick Haythornthwaite is stepping down after being appointed to the same role at NatWest.
Haythornthwaite, who known by some in the City as 'Slick Rick' and has previously held chairmanships at Centrica and Mastercard, will remain in place until the annual shareholder meeting this month next year.
"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 said.
He explained that as the FTSE 100 group has a "strong and stable" board and management team as well as good momentum in its business, he felt comfortable stepping down a year from now.
Chief executive Tim Steiner said the board will be disappointed, but that Haythornthwaite has strengthened corporate governance.
Haythornthwaite has been on the board since May 2021, not long after the shares hit their all time high, since when they have fallen around 78%.