Ocado says founder Tim Steiner to stay CEO to 2028 as seeks successor

Ocado Group PLC on Monday said its founder, Tim Steiner, will remain chief executive officer through the start of the 2028 financial year as part of its planned leadership transition.

The Hertfordshire, England-based online grocer and warehouse technology provider's financial year runs to the end of November, so the start of financial 2028 is December next year.

Following the appointment of a successor, Steiner will continue to be "actively involved" in the company, providing strategic guidance to the board and management team and support to customers through 2029.

The update by Ocado to provide "further clarity" on the company's leadership plan follows a shareholder backlash over the past few weeks after an attempt by Ocado Chair Adam Warby to remove Steiner and find a replacement, amid contract setbacks for Ocado's technology outsourcing business.

Late last month, the Financial Times reported that multiple "top 10" Ocado shareholders were "mounting a rearguard action" to convince the board not to oust Steiner. This followed an announcement by Ocado a week earlier, in response to a Sky News report, confirming that the board, led by Warby, was engaged in "long-term succession planning".

Ocado on Monday said "the board and Tim have been engaged in a thoughtful and collaborative succession planning process designed to support Ocado's long-term success".

Ocado shares were down 2.6% to 179.60 pence early Monday in London. The stock is down 24% over the past year and more than 90% over the past five years, slumping from its Covid pandemic heights.

Back in February, Ocado said it would be cutting 1,000 jobs as it scaled back research and development investment and simplified its operating model. This followed the decision by Ocado's Canadian partner, Sobeys Inc, to close one of its three Ocado-powered customer fulfilment centres, due to a slower-than-expected rate of market growth in Alberta province.

More positively, in May, Ocado announced a deal to develop supermarket Asda Store Ltd's online business across the UK with the Ocado Smart Platform.

Ocado's retail grocer delivery business is a joint venture with Marks & Spencer Group PLC, whose shares were up 1.1% to 387.40p in London on Monday.

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