Michael Grade joins Ocado as chairman

<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>