Ocado’s co-founder and chief executive, Tim Steiner, has dismissed the idea that he would continue to pull the strings behind the scenes after stepping down, saying he has “no intention of being a puppet master”. His comments came as the grocery technology group faced fresh scrutiny over its leadership plans and a reported row involving the search for his successor.
The company had already said Steiner will leave the chief executive role in 2028 and remain for a further year in a founder capacity, offering strategic support through 2029. Speaking on Thursday, he suggested that anyone taking over would be comfortable working with him, particularly given his long experience with clients and the business. He also said he would support the next leader rather than control them, and that he was open to staying involved if the business wanted that.
Shares hit a decade low after profit slump
The remarks followed a difficult trading update that sent Ocado’s shares down nearly 15% to their lowest level in more than 10 years. The group reported pre-tax profit of £17m for the six months to 31 May, sharply lower than £607m in the same period a year earlier. The company did not directly address the reported tensions around succession, and its chair, Adam Warby, made no comment.
Steiner said he remained fully committed to leading Ocado through its next stage and described the business as being on a good path. He declined to discuss whether he and Warby could continue working together, but said he was not blocking the appointment of a new chief executive. Ocado also said it still expects to generate positive cash flow by November, with new US clients likely within six to 12 months and further robot-run distribution sites planned in South Korea, Japan and Phoenix in the US. The company’s retail joint venture with Marks & Spencer continued to grow quickly, with sales up 15% to £1.76bn in the half year, and Steiner said more UK facilities may be needed from 2028.
Source: theguardian.com
