StockMarketWire.com - Online grocery retailer Ocado said it had completed the planned £750m sale of its delivery business to Marks & Spencer, first announced in February.

The company said it had consequently appointed current M&S strategy director Melanie Smith as chief executive of Ocado Retail.

Lawrence Hene, who was currently interim managing director of Ocado Retail, has been appointed deputy CEO for a transitional period, after which he would move back into a senior role within the Ocado group.

Ocado Retail would not sell M&S products until 1 September 2020, unless Ocado Retail's current arrangements with Waitrose terminated sooner.

'Ocado Retail's future, as part of a joint venture with M&S, is full of opportunity,' Ocado CEO Tim Steiner said.

'The new company will be able to offer customers even greater range, service, quality and value.'

'Our collaboration will also allow us to grow the business faster, add more jobs, and create more value for all our stakeholders. We are very excited to be working together.' Story provided by StockMarketWire.com