A former Microsoft executive is being lined up as the next chairman of Ocado Group, the online grocery technology provider.
Sky News has learnt that Adam Warby, who chairs the board of executive search firm Heidrick & Struggles and serves as a senior advisor to KKR, the US-based investment powerhouse, has emerged as the leading candidate to succeed Rick Haythornthwaite in the role.
City sources said on Monday that an announcement confirming Mr Warby’s appointment could come as early as next month.
Mr Warby, who also chairs Swiss-based SoftwareONE, an enterprise software provider, held a string of roles at IBM and Microsoft earlier in his career.
More recently, he spent a decade as chief executive of Avanade, a provider of digital and cloud services which was a joint venture between Accenture and Microsoft.
He continues to be CEO Emeritus of Avanade.
If confirmed in the role, he would take the helm at Ocado Group at a critical time for the London-listed company.
After soaring in valuation during the pandemic, it has seen its shares endure a challenging period, and now has a market capitalisation of just over £3bn.
The stock has fallen by a quarter over the last year.
Ocado counts a number of major international grocery retailers among the clients for which it delivers e-commerce, fulfilment and logistics services.
Still run by one of the company’s co-founders, Tim Steiner, Ocado Group also owns a 50% share in Ocado Retail alongside joint venture partner Marks & Spencer.
The joint venture has experienced a slew of problems, leaving the companies in dispute about a final payment that M&S was scheduled to make to Ocado.
Mr Steiner said in July that he had no desire to sell the company’s shareholding in Ocado Retail.
Under the terms of the deal they struck in 2019, both sides had the option to sell their stakes after its fifth anniversary.
“While there remains more to do, we look forward to making continued progress over the rest of the financial year and beyond, as we build a profitable, cash-generating, technology business,” Mr Steiner said in July.
The appointment of a successor to Mr Haythornthwaite was triggered by his appointment as chairman of NatWest Group.
He also chairs the AA, which is owned by private equity firms Stonepeak, Towerbrook and Warburg Pincus.
A spokesperson for Ocado Group declined to comment.
Content Source: news.sky.com