Ocado, the online grocery technology and retail group, has initiated a search for a new chief executive to replace co-founder Tim Steiner. This move comes as the company faces increasing pressure from shareholders due to a prolonged period of poor share performance. Ocado's shares have plummeted by 93% from their peak in September 2020 and were trading just above their 2010 listing price of 180p, reaching a 13-year low of 172.60p at one point.
While the company confirmed that its CEO and board are engaged in "long-term succession planning" and regularly assess potential candidates, they attempted to downplay the urgency of
