LONDON Feb 22 AO World, the British
online electricals retailer, said on Wednesday its founder John
Roberts had stepped down as chief executive but would remain on
the board in a new executive role.
The firm said Roberts would be succeeded as CEO by Steve
Caunce, currently the chief operations officer.
Roberts, 43, will stay on the board with the job title -
founder, executive director.
AO said Caunce, 48, would lead the company and be
accountable for strategy and performance delivery, while Roberts
would focus on innovation and staff development.
"This transition in management roles reflects AO's rapid
growth and success and the board's succession planning work
since IPO (in 2014)," the company said.
AO shares floated at 285 pence in February 2014. They closed
Wednesday at 147 pence, having fallen 9 percent over the last
(Reporting by James Davey; Editing by Mark Potter)