Spotlight falls on Ocado boss Tim Steiner’s £100m in payouts
Summary
Tim Steiner, the boss of Ocado, has earned nearly £100 million since the company started selling shares in 2010, even though Ocado’s stock price is now lower than at the start. The company is reportedly discussing plans for a new chief executive amid concerns about high executive pay and recent drops in share value.Key Facts
- Tim Steiner co-founded Ocado in 2000 and became CEO.
- Since Ocado’s stock market listing in 2010, Steiner has received about £94 million in payouts.
- In 2019 alone, Steiner earned nearly £59 million, mostly from deals selling Ocado’s technology abroad.
- The High Pay Centre criticized the high payouts as unfair and not clearly linked to company performance.
- Ocado’s shares have fallen significantly, below their initial price of 180p, currently around 172p.
- The company has lost value over the last five years, with shares dropping over 90% from their peak during the Covid pandemic.
- Ocado is in talks with potential replacements for Steiner, including Niklas Heuveldop from Vonage.
- The company’s new chair, Adam Warby, is believed to have started the search for a new CEO due to pressure from investors.
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