Yahoo Finance Ocado appoints ex-BT chief Gavin Patterson to board in push for tech giant status
Ocado has appointed former BT Group chief executive Gavin Patterson to its board as the online grocery firm looks to build its reputation as a technology heavyweight.
The firm announced on Thursday that Patterson would join as an independent non-executive director with effect from 1 June. He is also due to become a member of its people committee and the remuneration committee at the same time.
Ocado touted Patterson’s “considerable expertise leading large multinational organisations and highly relevant experience of the global marketplace for platform services”.
He served as CEO of telecoms giant BT from 2013 to 2019. Patterson later became president and chief revenue officer of business software maker Salesforce and currently holds a number of boardroom posts, including being chair of Kahoot! and chair of Octopus’ tech arm Kraken.
On Thursday, Patterson called Ocado a “true technology pioneer”, adding: “It has developed and proven applications of AI and robotics that solve some of the most complex supply chain challenges in grocery and logistics.”
His appointment comes as Ocado faces investor calls to explore moving its FTSE 100 listing to tech-friendly New York in search of better returns. Shareholders have criticised the market for not fully recognising Ocado as a technology firm rather than principally an online grocer.
Ocado’s stock has cratered nearly 88 per cent from its peak of £28 and a roughly £22bn market cap in September 2020, as Covid-19 lockdowns boosted demand for online shopping.
Despite managing to turn around its retail arm this year following a series of price cuts, Ocado remains embroiled in a dispute over a final payment related to an online food joint venture with Marks & Spencer that has seen it threaten the supermarket with legal action.
Tim Steiner, Ocado’s CEO, said on Thursday: “Over the past decade we have evolved from being an innovative online grocer in the UK to a global technology business, powering online operations for some of the world’s leading grocery retailers.
“We are also now deploying our unique technology into new sectors and opportunities for the first time. At this important moment, Gavin’s considerable experience at the helm of multinational B2B technology companies will be a valuable asset to our board and leadership team.”
Chair Rick Haythornthwaite added: “[Patterson] brings valuable perspective and multinational leadership experience to our board at an exciting time in Ocado’s development.”
