Ocodo Co-Founder Gissing Sells Shares Worth £15m

Departing Ocado co-founder Jason Gissing (pictured) sold more then £15 million worth of shares in th…

Departing Ocado co-founder Jason Gissing (pictured) sold more then £15 million worth of shares in the British online grocer on the day the company's annual results were announced.

It has emerged that Gissing cashed in three million shares valued at 498.75p on the same day he announced his retirement from the online grocer.

The former Gldman Sachs banker, who was commercial director at Ocado, still owns nearly 15 million shares, or 2.56% of the company, worth about £79 million.

Gissings set the firm up in 2000 with Jonathan Faiman and Tim Steiner and it has never made a profit despite its £3 billion market valuation. He said that he is left Ocado in order to spend more time with his four children.