(Reuters) – Ocado Group stated it intends to nominate Mastercard Chairman Richard Haythornthwaite as impartial non-executive chairman of the British on-line grocery store’s board in its May 2021 annual common assembly to switch Stuart Rose, who will likely be retiring from the position.
Haythornthwaite, who has been chairman of Mastercard for 14 years, will be part of the Ocado board as an impartial non-executive director with impact from January 2021 earlier than assuming the chairman’s position after Ocado’s AGM in May, the corporate stated on Friday.
He’ll retire from his place at Mastercard on the finish of the 12 months, the assertion added.
Haythornthwaite can be a non-executive director at digital providers firm Globant SA and has beforehand held the place of chairman at Centrica Plc, Britain’s largest vitality provider, and state-owned rail observe proprietor Community Rail.
Final week, Ocado raised its annual earnings forecast for the second time in two months. The group has seen gross sales soar this 12 months because the COVID-19 pandemic has generated large demand for grocery dwelling supply.
Ocado forecast earnings earlier than curiosity, tax, depreciation and amortisation (EBITDA) of “over 70 million pounds” ($94.49 million) for 2019-20 versus a earlier forecast of “over 60 million pounds”.
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Reporting by Kanishka Singh in Bengaluru; Enhancing by Tom Brown