Ocado Group has confirmed that its chief executive Tim Steiner will remain in post until the start of the 2028 financial year and will then move into an advisory role.

The grocery technology company said it expects succession planning to conclude early in financial year 2028, which begins December 2027.

Steiner is a co-founder of Ocado and has served as the firm’s chief executive since 2000. He oversaw Ocado’s rapid growth throughout the 2010s but has since helmed the company through a sharp decline, with shares down 93 per cent since their September 2020 peak.

Ocado said Steiner will work directly with the board to identify his successor.

“Following the appointment of a successor, Tim will transition into a Founder role, reflecting his unique perspective and longstanding commitment to Ocado,” the firm said in a statement.

“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. The Board is grateful for Tim's continued leadership and looks forward to working alongside him throughout this next chapter of Ocado's development.”

Steiner’s role has been the subject of increasing media scrutiny after media reports suggested it has begun searching for a replacement for Steiner. On 21 June, Reuters carried a report by Sky News claiming that Niklas Heuveldop, chief executive of cloud communications provider Vonage, had been approached for the role.

In response, Ocado released a statement in which it said its chief executive and board are “continuously engaged in long-term succession planning and regularly interact with potential candidates”.

Two days later the Financial Times reported that Ocado shareholders were attempting to oust Steiner, citing the firm’s sustained drop in share prices. At the time, insiders maintained that much of the board was loyal to Steiner and this would make a complete ousting unlikely.

On 3 July the paper reported that loyal board members were moving to oust Ocado chair Adam Warby in response, in a backlash against efforts by him and Tetra Pak billionaire Jörn Rausing to establish a succession plan for Steiner.

The firm is entering a new period for its international offerings, having ended many of its tech exclusivity agreements. This covers Ocado offerings including its AI-enabled manual fulfilment, its proprietary item picking robotics Automated Frameload (AFL) and On-Grid Robotic Pick (OGRP), and automated customer fulfilment.

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