27th Jun 2026 10:19
(Alliance News) - Multiple "top 10" Ocado Group PLC shareholders are "mounting a rearguard action" to convince the board not to oust Chief Executive Officer Tim Steiner, the Financial Times reported.
Citing "people familiar with the matter," the FT said various major shareholders have written to the board to express their support for Steiner, whose future at the helm of the grocer and warehouse technology firm has been in doubt recently.
Ocado confirmed on Monday that it was looking for a possible successor, saying that the board "continually [engages] in long-term succession planning and regularly [engages] with potential candidates." This followed a Sky News report that Ocado was preparing to appoint a successor.
The move to replace Steiner is being driven by Chair Adam Warby and 10.4% shareholder Jorn Rausing, the FT said, citing "people close to the situation". Swedish billionaire Rausing, the co-owner of Tetra Pak parent company Tetra Laval, also has a seat on Ocado's board.
Some of the FT's sources told it that Ocado had intended to announce Steiner's exit in recent days, but that "further deliberations" followed opposition to the plan from certain investors, and discussions remain ongoing.
The FT quoted a "significant investor" as commenting: "We back Tim." Another investor called the plan to swiftly oust him an "act of self-harm," adding that any succession process should have been managed more carefully and in collaboration with Steiner.
The FT said Rausing could not be reached immediately for comment, while Ocado declined to comment, other than to highlight its Monday statement.
Ocado shares closed up 0.6% at 173.80 pence on Friday in London, but have lost 15% over the week. The stock has also fallen 91% over the last five years.
By Emma Curzon, Alliance News reporter
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