Jason Gissing, one of the three co-founders of food delivery service Ocado, sold £15 million in shares on the day of his departure - more than the £12.5 million the company made in losses in the past year.
Gissing sold 3 million shares, equivalent to a 0.5 per cent stake in the business. He still owns 2.6 per cent which is worth more than £82.1 million at yesterday's 547.5p closing price.
Gissing, who founded the firm with fellow Goldman Sachs bankers Tim Steiner and Jonathan Faiman, announced his departure on Tuesday to spend more time with his four children and to work on social and environmental projects.
The retailer said the loss it made in the year to December 1 was an increase on the loss made a year earlier of £0.6 million. Sales increased 18.6 per cent to £843 million.
The company is now worth over £3 billion but has not made a profit in 13 years of operation.
The figures announced this week were received with a degree of scepticim by some commentators despite the launch of the new partnership with Morrisons last month.
One newspaper pointed out that Ocado broker Numis predicted in 2010, ahead of its IPO, that it would reach £1.15 billion sales and £32 million pretax profits this financial year.
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