News summary produced by Claude AI
Ocado’s co-founder and chief executive Tim Steiner addressed leadership tensions at the grocery technology company on Thursday, stating he has no desire to exert control over future management once he steps aside. Steiner is scheduled to leave the chief executive position in 2028 but will remain in a “founder role” through 2029, offering strategic guidance and client relationship support to the board.
The remarks came as the company’s shares declined nearly 15% to their lowest point in more than a decade following the release of financial results. Pre-tax profits for the six-month period ending May 31 reached £17m, a significant decrease from £607m recorded in the equivalent period a year earlier. The timing of the announcement suggested an effort to contain reported boardroom disagreements regarding Steiner’s future involvement, with chair Adam Warby providing no public comment.
Steiner indicated that potential successors, both internal and external candidates he has consulted, have expressed comfort with his continued involvement on a limited basis. He emphasized his intention to support rather than direct successor leadership, while maintaining relationships with key clients based on his 26 years of experience in the sector. The chief executive characterized himself as “not standing in the way” of the recruitment process for his replacement.
Despite the financial decline and leadership uncertainty, Steiner expressed confidence in the company’s direction, noting it remains on track to achieve positive cashflow by its November year-end. Ocado’s joint venture with Marks & Spencer showed strong performance, with sales increasing 15% to £1.76bn in the half-year period. The company also anticipated expanding client relationships in the United States within the next six to 12 months and opening new automated distribution centers in South Korea, Japan, and Phoenix during the period.