The surprise announcement from Ocado this week that finance director Andrew Bracey was leaving has dampened speculation of a takeover bid.

Bracey, who masterminded Ocado’s IPO 18 months ago, was criticised after the online retailer issued a profits warning last month, but is understood to have quit to progress his career as a future CEO. In his new position, he will replace Stephen Puckett as finance director of FTSE-250 international recruitment company Michael Page, which also declared a profits warning late last year.

The timing of Bracey’s departure has poured water on suggestions Ocado was in discussions regarding a takeover.

“It would be remarkable for an executive to leave a company ahead of a bid, in our view,” said Shore Capital analyst Clive Black.

Widespread speculation of a bid helped fuel the increase of more than 20% in Ocado’s share price last week - a rise initially sparked by news of good Christmas sales.

Ocado’s share price fell by 8.5% in the two days following Monday’s announcement. However, the fall was tempered by Bracey’s promise to retain his £658,170 shareholding and share options.

Ocado used Bracey’s departure to announce a wider management reshuffle freeing up CEO Tim Steiner to “focus more on strategy”. Co-founder Jason Gissing, who took a lower-profile role as director of people, culture and communications after the IPO in 2010, has taken on more responsibility again, becoming commercial director.

IT head Mark Richardson, meanwhile, has been promoted to the newly-created board role of operations director.

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