Updating on the next phase of its long-term leadership transition, the company said Steiner will continue to serve as CEO through the start of the 2028 financial year and remains "fully committed to driving the company's strategy, operations and growth initiatives throughout this period". He will also continue to be actively involved with Ocado through 2029.
Ocado said the succession planning process is expected to conclude around the start of the 2028 financial year. "During FY27 and up to the completion of the succession process, Tim will continue leading the business as CEO while working closely with the board to identify and prepare the next generation of leadership," it said.
"Together, they will ensure a smooth and orderly transition of executive responsibilities, maintaining continuity for colleagues, clients and shareholders."
Following the appointment of a successor, Steiner will transition into a founder role. "In this capacity, he will continue to provide strategic guidance, deep market expertise and support to the board, management team and customers through 2029, helping to advance the company's long-term ambitions and strengthen its relationships across the industry," Ocado said.
Reports emerged last month that Ocado was preparing to appoint a successor to Steiner following a weak share price performance. According to Sky News, which cited a technology industry source, Niklas Heuveldop - the chief executive of Vonage, a subsidiary of Sweden’s Ericsson - had been sounded out about taking over from Steiner.
At 0900 BST, the shares were down 3.1% at 178.04p.
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