Revolutionizing Online Grocery Shopping with a Joint Venture

  • M&S strategy director to lead Ocado Retail after deal completion
  • 50% sale of Ocado Retail business to Marks and Spencer completed
  • Melanie Smith appointed as CEO of Ocado Retail Limited
  • Lawrence Hene joins as deputy CEO for a transitional period
  • Tim Steiner and Duncan Tatton-Brown join as CEO and CFO of Ocado, respectively
  • Steve Rowe and Stuart Machin join as CEO and food managing director of M&S, respectively
  • Marks and Spencer to establish online service with 6,500 products on Ocado.com
  • Waitrose deal prevents M&S products until Sep 2020 or sooner
  • Steiner praises Hene’s achievements, excited for Melanie Smith’s leadership
  • Rowe sees online partnership as transformational step for M&S
  • Ocado’s technology to unlock growth for M&S Food

Ocado has completed the 50% sale of its Ocado Retail business to Marks and Spencer and appointed Melanie Smith, currently the strategy director at Marks and Spencer, as CEO of Ocado Retail Limited. She will be joined by Lawrence Hene, interim managing director of Ocado Retail, as deputy CEO for a transitional period before returning to his role within the Ocado group. The joint venture aims to offer customers greater range, service, quality, and value through a combination of M&S food products on Ocado.com. Due to its current deal with Waitrose, M&S products will not be available until September 2020 unless the arrangement ends earlier. This partnership brings together Marks and Spencer’s retail expertise and Ocado’s award-winning technology for a digital-first future.

Factuality Level: 10
Factuality Justification: The article provides accurate information about the sale of Ocado Retail business to Marks and Spencer, the appointment of Melanie Smith as CEO, and the collaboration between the two companies for an online service with M&S products. It also includes quotes from key figures in both companies expressing their excitement and support for the venture.
Noise Level: 3
Noise Justification: The article provides relevant information about the sale of Ocado Retail business to Marks and Spencer and the appointment of Melanie Smith as CEO of the joint venture. It also mentions the collaboration between the two companies and their future plans. The article stays on topic and supports its claims with quotes from key figures in both companies. However, it could provide more details about the financial aspects of the deal or the impact on customers.
Financial Relevance: Yes
Financial Markets Impacted: Ocado Retail and Marks and Spencer’s stocks may be impacted by the joint venture announcement.
Financial Rating Justification: The article discusses a significant business deal between Ocado Retail and Marks and Spencer, which will likely have an effect on their respective stocks in financial markets. Additionally, it mentions the appointment of new leadership for the joint venture, which could also impact company performance.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the article.

Reported publicly: www.retailsector.co.uk