(Reuters) – British online supermarket and technology firm Ocado said on Wednesday that CEO Tim Steiner will temporarily lead Ocado Solutions, the company’s sub-unit which focuses on an all-encompassing technology platform for retailers.
The move comes as John Martin, the current boss of Ocado Solutions, steps down after 18 months in the role, the company said in a statement.
Ocado shares fell 6.9% to 291.6 pence by 1446 GMT on the London bourse, while the broader mid-cap FTSE-250 index was down 0.3%.
During his tenure, Martin expanded Ocado’s global footprint by securing a deal with Saudi Arabian supermarket chain Panda Retail Co.
Ocado said Steiner will take charge of Ocado Solutions until a permanent CEO for the division is appointed, while James Matthews, the current CEO of Ocado Technology, will also become deputy CEO of the wider group.
Ocado Solutions is part of Ocado’s Technology Solutions business, which also houses Ocado Intelligent Automation, a separate sub-division focusing on automation support for retailers to manage their operations.
(Reporting by Aatrayee Chatterjee in Bengaluru and James Davey in London; Editing by Shailesh Kuber)
