Ocado shares jump as Sir Stuart Rose named chairman

<p>Shares in Ocado have soared as Sir Stuart Rose is appointed chairman.</p>

Shares in Ocado on the London Stock Exchange have rallied this morning (January 22nd), as the online grocer has appointed Sir Stuart Rose as its chairman.

Sir Stuart used to be the chairman of Marks & Spencer, but left the high street giant in early 2011. His new non-executive role will begin on May 10th.

Outgoing chairman Lord Michael Grade, who is leaving in order to enjoy his retirement, commented: "It has been a privilege to be a part of [Ocado's] story."

Sir Stuart commented that he expects Ocado to become a major online player as retail in the UK shifts toward the online arena.

Ocado first floated on the stock exchange in July 2010 and is yet to make an annual profit, after losing £2.2 million in 2011 and £12.2 million in 2010.

At 10:53 GMT, Ocado shares rose by 5.3 per cent to 100.10p per unit.

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