Ocado CEO says he will not be a ‘puppet master’ amid succession reports
8 reported
Ocado co-founder and chief executive Tim Steiner has stated he has no intention of exerting control over staff after he steps down, amid reported boardroom tensions over succession at the grocery technology company. Steiner, who is to leave the CEO role in 2028, suggested any successor would be happy to work with him. The company's shares fell nearly 15% on Thursday after reporting a sharp drop in pre-tax profits. Steiner declined to comment on the position of chair Adam Warby, who reportedly began searching for a new CEO without consulting Steiner. The succession plan was announced after weeks of speculation following a slump in Ocado's stock market valuation.
What’s reported
Ocado co-founder and CEO Tim Steiner said he has "no intention of being a puppet master" controlling staff.
Steiner is to step down as CEO in 2028 but stay on in a "founder role" through 2029.
Ocado shares fell nearly 15% on Thursday to their lowest level in over a decade.
The company reported pre-tax profits of £17m for the six months to 31 May, down from £607m a year earlier.
Chair Adam Warby reportedly began searching for a new CEO without consulting Steiner.
Steiner declined to comment on his ability to continue working with Warby.
Ocado expects to sign new US clients in the next six to 12 months and open distribution centers in South Korea, Japan, and Phoenix, Arizona this year.
Ocado's retail joint venture with Marks & Spencer saw sales up 15% to £1.76bn in the half year.
Key figures
Tim Steiner, co-founder and CEO of Ocado
Adam Warby, chair of Ocado (since 2024)
Adam Vettese, market analyst at trading platform etoro
Sources: The Guardian
