Ocado chief says he won’t be a ‘puppet master’ amid apparent succession row
Summary
Tim Steiner, co-founder and CEO of Ocado, said he will not control the company like a "puppet master" after he steps down in 2028. Ocado reported a big fall in profits and its shares dropped sharply, but Steiner said the business is on a good path and will continue growing with new clients and facilities.Key Facts
- Tim Steiner will leave his CEO role at Ocado in 2028 but will stay on for one more year to provide advice.
- Ocado’s pre-tax profit dropped from £607 million to £17 million in one year.
- The company’s shares fell nearly 15%, reaching their lowest point in over ten years.
- There are reports of tension in Ocado’s leadership about finding a new CEO, with the chair, Adam Warby, involved.
- Steiner said he supports new leaders and does not want to control daily decisions.
- Ocado plans to open robot-run warehouses in South Korea, Japan, and the US soon.
- The company expects positive cash flow by November.
- Ocado’s joint venture with Marks & Spencer saw a 15% sales increase to £1.76 billion in six months.
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