Ocado chairman Stuart Rose bags £1.3m share award

 
Helen Cahill
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Stuart Rose joined the company in 2013 (Source: Ocado)

Online grocer Ocado gave its chairman Stuart Rose a £1.3m share award last year as part of a pay deal he agreed when he joined the company in 2013.

When he was made Ocado chairman, former Marks and Spencer boss Rose bought £400,000 worth of Ocado stock. The company gave him 452,000 shares on the condition that he remain in the role for three years. He has said he will not sell any of his shares while he is at the grocer.

Rose also receives a salary of £200,000 for his job as chairman.

Read more: Ocado to increase prices this year due to devaluation of sterling

Meanwhile, the retailer Rose left behind has been searching for a new boss for its embattled clothing and homeware section.

The M&S clothing division's sales have been suffering for several years, and chief executive Steve Rowe has been managing it himself since the summer of 2015. But, the Sunday Times has reported, he is now looking to focus on his main job, and wants someone to replace him.

Rowe has started searching for someone to head up the division after returning sales to growth over the Christmas period. Like-for-like sales increased 0.8 per cent, despite sales in the industry as a whole falling by 1.1 per cent.

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