Ocado Group founder Tim Steiner has announced he will step down as chief executive in 2028, ending a tenure of more than two decades at the helm of the online supermarket and technology company.
Succession Process Underway
The company said it has begun a search for a successor, with Steiner set to remain in post until a replacement is found. Steiner, who co-founded Ocado in 2000, will then take on a new role as executive chairman, a position currently held by Lord Rose.
"After 28 years leading this business, I feel the time is right to hand over the reins," Steiner said. "Ocado has a bright future and I am committed to ensuring a smooth transition."
Company Performance and Strategy
Ocado, which began as an online grocery delivery service, has transformed into a technology company licensing its automated warehouse systems to retailers worldwide. The group reported a pre-tax profit of £15 million in its last financial year, compared with a loss of £500 million the previous year, marking a significant turnaround.
The company's shares rose 3% in early trading following the announcement, as investors welcomed the clarity on succession planning.
Industry Context
Steiner's departure comes as the online grocery sector faces increasing competition from traditional supermarkets expanding their digital offerings. Ocado's technology arm, Ocado Solutions, has signed partnerships with major retailers including Kroger in the US and Aeon in Japan, but investor focus has shifted to profitability and cash flow.
Analysts at Berenberg said in a note: "Tim Steiner's decision to step down provides an opportunity for fresh leadership to drive the next phase of Ocado's growth. The timeline allows for a thorough search process."
