Ocado co-founder to step down as chief executive in 2028
Summary
Tim Steiner, co-founder and CEO of Ocado, will step down as CEO in 2028 but remain with the company in a founder role until 2029. Ocado supplies automated warehouse technology and operates an online grocery service in the UK. The company has faced financial challenges, share price drops, and job cuts, but is planning for future leadership changes.Key Facts
- Tim Steiner co-founded Ocado in 2000 and is currently its CEO.
- Steiner will leave the CEO position in December 2027 (start of 2028 financial year) but continue advising until 2029.
- Ocado provides robots and technology to automate grocery warehouse packing.
- The company runs a UK online grocery service with Marks & Spencer.
- Ocado’s shares have lost over 50% of their value in the past year.
- Ocado is cutting 1,000 jobs to reduce costs.
- North American partners Kroger and Sobeys closed robotic warehouses due to lower-than-expected demand.
- There has been leadership tension and investor unrest, but Steiner remains focused on company growth.
- Steiner owns 2.35% of Ocado and has earned nearly £100 million since the company's 2010 stock market listing.
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