Ocado has set out plans for what it called the “next phase of its long-term leadership transition” following weeks of media speculation over the future of chief executive Tim Steiner.
The retailer and technology provider said co-founder Steiner will continue “to serve as chief executive officer through the start of the 2028 financial year and remains fully committed to driving the company’s strategy, operations and growth initiatives throughout this period”.
Ocado added that Steiner “will also continue to be actively involved with the company through 2029”.
The retailer said that “the board and Tim have been engaged in a thoughtful and collaborative succession planning process designed to support Ocado’s long-term success”, which the company expects to conclude “around the start” of the 2028 financial year.
Throughout 2027, Steiner will “continue leading the business as CEO while working closely with the board to identify and prepare the next generation of leadership”.
Once a successor has been named and appointed, Ocado said Steiner, “will transition into a founder role, reflecting his unique perspective and longstanding commitment to Ocado”.
The retailer added that in this capacity, he will “continue to provide strategic guidance, deep market expertise and support to the board, management team and customers through 2029”.
The announcement follows a flurry of reports about Steiner’s long-term future, after it was first reported in the Financial Times that Ocado was preparing to name a successor.
It was reported that shareholders had been pressuring the Ocado board to oust Steiner, with the retailer’s share price having plummeted 91% in value since the pandemic boom in 2020.
In-fighting at the retailer reached new heights at the end of last week, with investors supportive of Steiner moving to oust chair Adam Warby, who was one of the driving forces behind trying to replace the co-founder.
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