Ocado CEO Tim Steiner’s £94m in payouts under scrutiny
13 reported1 unconfirmed
Analysis by the High Pay Centre shows Ocado CEO Tim Steiner has received nearly £100m in payouts since the company floated in 2010, despite its share price now trading below the flotation level. The figure raises "serious concerns about proportionality, accountability and fairness" in the pay-setting process, according to campaigners. Steiner's payouts included nearly £59m for 2019, largely due to deals selling its grocery-picking technology to foreign supermarkets. Sky News reported that Ocado's board had approached Niklas Heuveldop, CEO of Vonage, as a potential replacement, though it is unclear if he is a preferred candidate. Sources close to Ocado said the search was likely launched by chair Adam Warby, appointed in December 2024, without consulting Steiner. Shares fell this week on reports of his potential exit, sinking to 172p, below the 2010 float price of 180p.
What’s reported
Tim Steiner has received £94m in payouts since Ocado's 2010 flotation, according to High Pay Centre analysis.
The figure raises "serious concerns about proportionality, accountability and fairness," said Paddy Goffey of the High Pay Centre.
Steiner's payouts included nearly £59m for 2019, largely from deals to sell grocery-picking tech to foreign supermarkets.
Sky News reported Ocado's board approached Niklas Heuveldop, CEO of Vonage, as a potential replacement.
Ocado said "the chief executive and the board continually engage in long-term succession planning."
Sources said the search was likely launched by chair Adam Warby, appointed in December 2024, without consulting Steiner.
Shares fell to 172p this week, below the 2010 float price of 180p.
Ocado's shares have fallen more than 90% in the past five years, from nearly £28 during the pandemic.
Kroger closed three US warehouses using Ocado equipment in November; Sobeys closed its Calgary facility in January.
Steiner admitted "the market for large automated distribution centres in the US is smaller than we thought."
Analyst Clive Black of Shore Capital said a plan to oust Steiner "wouldn't be wholly unfathomable given the [low] share price and how much he pays himself."
One Ocado insider said Steiner's exit would not be welcomed by senior managers, who see the company "on the right track."
Ocado declined to comment.
Open questions
It is not clear whether Niklas Heuveldop is a preferred candidate for the CEO role or how advanced Ocado's board is in its succession planning. Large shareholders and the board are likely divided over whether Steiner should go, but no main shareholders approached by the Guardian were prepared to speak for or against him.
Key figures
Tim Steiner, Ocado CEO and co-founder
Paddy Goffey, head of research at the High Pay Centre
Niklas Heuveldop, CEO of Vonage
Adam Warby, Ocado chair (appointed December 2024)
Clive Black, analyst at Shore Capital
Jörn Rausing, Ocado board member and 10% shareholder
Sources: The Guardian
