Ocado Seeks New CEO to Replace Co-Founder Tim Steiner Amidst Share Plunge
The online grocery technology firm confirms 'long-term succession planning' as its stock hits a 13-year low.
Ocado has initiated a search for a new chief executive to succeed co-founder Tim Steiner, whose tenure has spanned 26 years. The online grocery technology company confirmed on Monday that Steiner and its board are continually discussing the firm's future leadership. However, the company downplayed immediate leadership changes, characterizing the process as 'long-term succession planning'.
This development follows reports that Ocado has approached Niklas Heuveldop, the head of Ericsson-owned telecoms firm Vonage, as a potential successor. The search is reportedly being led by Ocado chairman Adam Warby. Steiner, a former Goldman Sachs bond trader, co-founded Ocado in 2000. The UK-listed company provides technology to retailers for managing online food orders from automated warehouses. It also operates its own grocery service in partnership with Marks & Spencer.
Investors have expressed growing impatience with Ocado, as new deals with existing partners and further technology agreements have not materialized. The company's shares plummeted to a 13-year low on Monday morning, recovering slightly to trade at 172.60 pence. Since their peak in September 2020, when online grocery demand surged during the COVID-19 pandemic, shares have fallen by 93 percent.