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Michael Grade joins Ocado as chairman

FBR Staff Writer Published 20 September 2006

BBC chairman Michael Grade is to become the first chairman of online grocery retailer Ocado, renewing speculation that the company is gearing up for a stock market flotation.

<p>Mr Grade is also chairman of Pinewood Studios and a former chief executive of Channel Four, and has held a number of board positions in the media and leisure sectors. The details of his remuneration package have not been disclosed.<br /><br />Ocado, which sells Waitrose groceries online, appointed Goldman Sachs as its financial advisers in November 2005. It raised an additional GBP65 million from shareholders in March in a fundraising that valued the company at about GBP500 million. <br /><br />Ocado is 33% owned by the John Lewis Partnership and stressed it was unlikely to float until 2008. Stuart Hampson, chairman of John Lewis Partnership told the Financial Times: (A float in) 2007 is unlikely as Ocado has to have a good profit record rather than just a few months of profit.<br /></p>

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