Shares in online grocer Ocado are down this morning on news its chief financial officer will be stepping down.

Andrew Bracey is leaving to join recruitment firm Michael Page International in April 2012 after finishing the year-end audit and annual report.

Bracey, who has been with Ocado since its IPO in 2010, commented, ‘I have loved my time at Ocado. My decision to leave the company has been a tough one to make, but I have been presented with a great opportunity.

‘I am very proud of what we achieved as a team and intend to retain my shareholding.’

Shares in Ocado slumped over 8 per cent earlier this morning, before recovering to 84p, down 4.16 per cent, at 10.25am.

Bracey’s departure is a blow to the retailer after seeing its stock rise 58 per cent since 11 January 2012 due to a huge increase in sales over the Christmas period.

Ocado has also announced a broader management shake-up today, with Jason Gissing and Mark Richardson taking on the newly created roles of commercial director and operations director respectively.

Neill Abrams, currently an executive director and director of legal & business affairs, will take on Gissing’s HR responsibilities, with all changes taking place with immediate effect.

Tim Steiner, chief executive of Ocado, commented, ‘I am delighted that Jason, Neill and Mark have taken on their new roles and look forward to working closely with them to ensure the continued development of Ocado.’

Chairman Michael Grade said, ‘The changes to executive responsibility that we are announcing today will allow Tim Steiner greater freedom to drive Ocado's strategy forward.’