AO World's share price rises as chairman Richard Rose reveals plans to step down

 
Catherine Neilan
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IFA Consumer Electronics Trade Fair 2014
Rose sent AO World's share price down eight per cent when he sold a £10m stake off (Source: Getty)

AO World's non executive chairman Richard Rose is to step down from the board after eight years at the electrical retailer.

Rose will stay on the board until a successor is found, most likely in time for the AGM in July. The company's senior independent director, Brian McBride, will lead the nominations committee process to find a replacement.

AO World's share price was up 5.9 per cent in afternoon trading.

Rose said: "I feel very fortunate to have been a part of the AO growth story over the last eight years and to have worked with an outstanding team of people. I am confident that through them, the company and its culture will continue to flourish and AO will continue to delight customers with its dedication to exceptional service.

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"The long-term strategy we set out at the time of our IPO is firmly on track and I feel now is the right time for me to move on. "

John Roberts, chief executive, added: "We would like to thank Richard for his excellent contribution to the Company over the years, not least in leading the board through our IPO in March 2014 and our expansion into new categories and countries. I would like to personally thank him for his support and counsel."

AO World listed at 285p two years ago, but its share price has taken a beating since then, dampened by a poor set of full year results last June and jitters prompted when Rose sold off a £10m stake a year after the IPO.

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