OCADO’S CHIEF financial officer is stepping down from the online grocer to join the Michael Page global recruitment company as finance chief.

Andrew Bracey, who had been with Ocado since its flotation in 2010, will leave in April after seeing through Ocado’s year end audit.

Ocado said a formal process to find a successor had begun. It also announced several changes to the board at the executive and non-executive levels.

News of the departure comes just over a week after Ocado said its Christmas trading was better than expected. This raised hopes that the online grocer was on track for recovery after a tough year in which it saw its market cap more than halve.

In December, Ocado warned on profits amid mounting costs and a steep decline in sales growth. This year the online grocer, which relies on logistics and the ability to deliver products quickly, faced capacity limits at its Hatfield distribution centre. Shares in Ocado fell by up to 7.6 per cent in early trading but steadied to stand 0.6 per cent lower at 87.15p in early afternoon trading. – Copyright The Financial Times Limited 2012