Former Marks & Spencer CEO Sir Stuart Rose has been appointed chairman of Ocado, replacing Lord Grade, who is retiring.

Rose will join Ocado on 11 March as a non-executive director and chairman designate, before being sworn in as chairman after the AGM on 10 May.

The former Marks & Spencer CEO said he was impressed by Ocado’s development to date and its future prospects.

“I believe Ocado’s model and the high standards of customer service it provides will see it emerge as a powerful online player. I am looking forward to being part of the team,” said Rose.

Ocado CEO Tim Steiner said he was looking forward to benefiting from Rose’s “extensive retail experience and counsel”.

He also paid tribute Lord Grade, the former CEO of Channel 4 who has served as Ocado’s chairman since 2006. “We are grateful to him for his guidance, insight and expertise over the years and wish him well in his retirement,” he said.

Lord Grade said: “After a smooth succession process and having secured a new chairman my job at Ocado is almost complete. After six exhilarating and eventful years, I am leaving the company in the best possible hands.”

Separately, Wendy Becker has stood down as a non-executive director of Ocado. She was recently made chief operating officer at Jack Wills. Douglas McCallum will take over from Becker as chairman of the remuneration committee.

Rose is also a non-executive director at South African retail giant Woolworths. News of his appointment sent shares in Ocado rising 6% in early trading on Tuesday to 100.6p.