The three founders of Ocado Jon Faiman, Tim Steiner and Jason Gissing, have bought a chunk of land in Russia and are planning to grow cereals.
It emerged this week that Faiman, who held the position of chief operating officer, left the business last summer. His departure was not announced at the time, but he has retained a non-executive role and is pursuing other projects, including the Russian agricultural business.
Faiman declined to speak to The Grocer, but Gissing said his departure had been cushioned by a strong team. "Tim and I have a strong management team who help us run the business. The titles are largely cosmetic. I do a lot on the operational side with our drivers and fleet, and Tim does a lot in the warehouse. Chief operating officer hasn't been a defined role for a single individual for a long time, if ever."
Ocado secured a £10m injection of cash from a wholesale sharia bank this week. The leasing facility from the Bank of London and the Middle East (BLME) will be used to pay for an automated picking line at Ocado's Hatfield distribution centre.
"We had not considered Islamic financing before, but found BLME's competitive offering and experienced management team attractive," said Steiner, Ocado's chief executive.
The picking line will be the fourth in Ocado's distribution centre and has been installed to cope with growing demand.
It emerged this week that Faiman, who held the position of chief operating officer, left the business last summer. His departure was not announced at the time, but he has retained a non-executive role and is pursuing other projects, including the Russian agricultural business.
Faiman declined to speak to The Grocer, but Gissing said his departure had been cushioned by a strong team. "Tim and I have a strong management team who help us run the business. The titles are largely cosmetic. I do a lot on the operational side with our drivers and fleet, and Tim does a lot in the warehouse. Chief operating officer hasn't been a defined role for a single individual for a long time, if ever."
Ocado secured a £10m injection of cash from a wholesale sharia bank this week. The leasing facility from the Bank of London and the Middle East (BLME) will be used to pay for an automated picking line at Ocado's Hatfield distribution centre.
"We had not considered Islamic financing before, but found BLME's competitive offering and experienced management team attractive," said Steiner, Ocado's chief executive.
The picking line will be the fourth in Ocado's distribution centre and has been installed to cope with growing demand.
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