UK — Tim Steiner will step down as chief executive of Ocado in 2028, serving in his current role until December 2027. Following his tenure as chief executive, Steiner will transition into a 'founder role' for one year. Ocado stated that in this capacity, Steiner will provide strategic guidance, deep market expertise, and support to the board through 2029.

Steiner, 56, co-founded Ocado in 2000. The company runs a UK online grocery venture with Marks & Spencer and supplies automated technology for retailers' warehouses. Adam Warby was appointed chair of Ocado in December 2024 and previously chaired Heidrick & Struggles for five years. Jörn Rausing is a shareholder and board member.

In a statement, Ocado said: "The board is grateful for Tim's continued leadership and looks forward to working alongside him throughout this next chapter of Ocado's development." The company's shares have lost more than 50% of their value in the past year. In February, Ocado stated it would cut 1,000 jobs. Additionally, Sobeys announced the closure of robotic warehouses.

Steiner holds a 2.35% stake in Ocado and has collected nearly £100 million in pay since the company floated on the stock market in 2010. Ocado's current share price is below its flotation level from 2010.

Why It Matters

This leadership transition marks a change for Ocado, as its co-founder will move from a chief executive position to a strategic advisory role. The company has faced recent challenges, including a decline in its share price over the past year and job reductions announced earlier this year. The transition defines Steiner's ongoing involvement in the company's direction for an additional year after his CEO term concludes.