Retail technology firm Ocado has said co-founder and chief executive Tim Steiner will stay on at the helm until December next year as it confirmed succession plans after months of speculation.
The group said it would look to finalise the plans at the start of its 2027-28 financial year, which begins on December 1 2027.
Mr Steiner – one of the founders of Ocado in 2000 – will continue as chief executive until then.
After his successor is appointed, he will remain with Ocado as an adviser in a “founder role” – providing strategic advice to the board and management through 2029.
Shares in the firm fell 3% in morning trading on Monday.
Details of the plans come after reports recently suggested the company was lining up a replacement for Mr Steiner amid boardroom pressure for him to go following hefty share price falls.
Ocado said: “The board and Tim have been engaged in a thoughtful and collaborative succession planning process designed to support Ocado’s long-term success.
“The company expects this process to conclude around the start of the 2028 financial year.
“During 2026-27 and up to the completion of the succession process, Tim will continue leading the business as chief executive while working closely with the board to identify and prepare the next generation of leadership.
“Together, they will ensure a smooth and orderly transition of executive responsibilities, maintaining continuity for colleagues, clients and shareholders.”
Plans for him to move into an advisory role reflect his “unique perspective and longstanding commitment to Ocado”.
“In this capacity, he will continue to provide strategic guidance, deep market expertise and support to the board, management team and customers through 2029, helping to advance the company’s long-term ambitions and strengthen its relationships across the industry,” it added.
Mr Steiner, who previously spent eight years as a banker for Goldman Sachs, set up the company with his former colleagues.
Ocado has a grocery retail business which it runs as a joint venture with Marks & Spencer, and an arm which runs robotic warehouses and technology platforms for supermarkets.
The company said in February that around 1,000 roles – about 5% of its global workforce – was going to be cut, mainly at its headquarters in Hertfordshire, as part of restructuring efforts.
Its share price has come under pressure after announcing the closure of warehouses run with its grocery partners in the US.
It is currently trading on the London stock market at just under £1.80 per share, having peaked at around £29 per share back in 2020.
Meanwhile, Ocado recently announced a new partnership deal with Asda to improve the supermarket’s online grocery service for customers.
