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Ocado CEO Tim Steiner says he will not micromanage staff in succession row
Ocado shares fell nearly 15% to a more than decade low after reporting £17m of pre-tax profit for the six months ended 31 May, down from £607m a year earlier.
Ocado’s co-founder and CEO Tim Steiner said he has no intention of being a “puppet master” or controlling staff amid what appears to be a boardroom dispute over succession, adding that any future leadership team would be able to work with him.
Steiner, who is scheduled to stand down as CEO in 2028, told investors he would be available to support the business and provide client certainty about his ongoing involvement, with continued relationships and expertise.
The comments came as Ocado shares slid nearly 15% on Thursday to their lowest level in more than a decade, after the company reported pre-tax profits of £17m for the six months to 31 May, down from £607m in the same period a year earlier.
According to the report, Ocado’s trading update addressed the situation with “no comment” from chair Adam Warby, and it said Steiner’s role had been scrutinized as the chair reportedly began searching for a new CEO without consulting him.