Ocado Chairman Faces Investor Revolt Amid Reports of Plot to Replace CEO Tim Steiner

A boardroom conflict is escalating at Ocado Group, with a top-10 investor calling for the removal of Chairman Adam Warby. The investor's letter to the board alleges that Warby has been leading an initiative to replace chief executive Tim Steiner, a move that has reportedly drawn opposition from shareholders controlling approximately a quarter of the company's shares.

This shareholder revolt comes after reports surfaced that Warby was actively seeking a successor for Steiner. Ocado had reportedly approached Niklas Heuveldop, head of Ericsson-owned Vonage, as a potential candidate. While the company initially attempted to characterize these discussions as "long-term succession planning," investors have voiced their support for Steiner, with multiple shareholders indicating to the board that they oppose an immediate leadership change. Some have also suggested Steiner could transition to an advisory or technology role if he were to step down as chief executive.

Steiner, who co-founded Ocado in 2000, has led the company for 26 years. Adam Warby took over as chairman in December 2024. Ocado Group specializes in providing technology for retailers to manage online grocery order fulfillment using robotic warehouses. The company also operates its own grocery business in partnership with Marks & Spencer.

Analysts suggest that the current boardroom friction is a direct consequence of increasing investor unease, fueled by a significant decline in Ocado's share price in recent years. Replacing a co-founder like Steiner without a clear and widely supported transition plan is considered a high-risk strategy, particularly given his foundational role in developing the company's core robotic technology. Some analysts predict that Warby may be forced out due to the board's perceived haste in pursuing leadership changes, a situation that arises as Ocado continues to face challenges in improving performance and profitability.