Michael Grade to step down from Ocado The company is expected to announce on Tuesday morning that the former BBC and ITV chairman will step aside at its annual meeting in May. The departure of Lord Grade will cause uncertainty at Ocado in a vital year for the loss-making online grocer. It is understood that a replacement for Lord Grade has yet to be identified but a "process" has been started to find a new chairman. Ocado is close to opening a second distribution centre in Warwickshire that is pivotal to helping the company compete against rivals such as Tesco, which yesterday opened its fifth dark store to serve online customers. In November, the company raised £36m in a share placing that allowed it to agree a vital refinancing with banks on £100m of debt used to pay for the new distribution facility. Lord Grade has been chairman of Ocado for seven years and oversaw the company's flotation in 2010. He turns 70 in March and it is though to be his decision to step down. Ocado declined to comment.