A former Microsoft Corp executive has been tapped to replace Ocado Group PLC's (LSE:OCDO) chairman from next month, according to a Sky News report.
If confirmed, Adam Warby, whose LinkedIn profile also cites senior positions at private equity giant KKR and Microsoft IT partner Avanade, would replace current chair and City grandee Rick Haythornthwaite.
Warby would be leading the board through a challenging time for Ocado Group amid a share price that has collapsed by 50% this year.
It remains the third most-shorted stock in the UK, according to Morningstar.
Ocado’s Retail segment has struggled to turn a profit despite a growing share of the grocery market, while analysts have voiced scepticism over Ocado’s ability to roll out its Technology segment into international markets.
Rumours that Ocado intends to sell its stake in the Retail joint venture with Marks and Spencer Group PLC (LSE:MKS) to focus on its Technology business persist.
Ocado’s chief executive Tim Steiner has rebuffed the speculation.