Former boss of M&S to take over at Ocado

The former boss of Marks and Spencer, Sir Stuart Rose, is taking over as Chairman of online grocer Ocado. Rose left M&S at the start of 2011 after a six years. Ocado sales were up 14% over Christmas, to £91.6 million in the six weeks to January 6.

Sir Stuart Rose Credit: Press Association

Sir Stuart Rose said: "I have been very impressed at the impact and progress Ocado has made to date. As retail goes through a fundamental shift into the digital world, I believe Ocado's model and the high standards of customer service it provides will see it emerge as a powerful online player."

Despite a successful Christmas, Ocado has yet to post an annual profit.