AO World founder steps down as CEO

LONDON

, Feb 22 (

Reuters

) -

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 year. (Reporting by James Davey; Editing by

Mark Potter

)