Ocado CEO Steiner denies puppet master claims as board succession row deepens
Ocado chief Tim Steiner has dismissed claims he will act as a "puppet master" following his planned 2028 departure, but a public rift with the chair risks undermining investor confidence as the loss-making firm attempts to prove its international technology model.
Tim Steiner has pushed back against suggestions he will exert undue influence over his successor, stating he has “no intention of being a puppet master and controlling everybody.” The comments follow reports of a boardroom clash with chair Adam Warby, who reportedly began searching for a new chief executive without consulting the co-founder.
Last week, Ocado announced Steiner would step down as chief executive in 2028 but remain for an additional year in a "founder role" to provide strategic guidance. Steiner, who co-founded the company in 2000 and has collected almost £100m in pay since its 2010 listing, said any candidate was receptive to his continued involvement.
Steiner declined to comment on whether he could continue working alongside Warby, who took up the chair role in 2024. The reported friction between the two men threatens to overshadow the company's operational milestones at a sensitive time for the stock market valuation.
Investors have already driven Ocado shares down almost 30 percent this year to multi-year lows. According to Adam Vettese, a market analyst at eToro, this negative reaction underlines persistent doubts over execution and the timeline to cashflow positivity. The group is still burning cash, albeit at an improving rate, and remains loss-making.
The company is betting heavily on international expansion to validate its technology. Robot-run distribution centres for clients in South Korea, Japan and Phoenix in the US are expected to open this year. Steiner added that Ocado expects to sign up new clients in the US within the next six to twelve months, noting that existing clients are seeing strong growth.
Domestically, the retail joint venture with Marks & Spencer continues to grow rapidly, with half-year sales up 15 percent to £1.76bn. Steiner said this trajectory means new UK facilities will likely be needed from 2028. However, Vettese noted that international technology adoption has continued to lag following earlier partner setbacks.
Ocado insists it remains on a good path and still expects to generate positive cashflow by its financial year-end in November. Resolving the apparent power struggle at the top will be critical if the company is to convince the market that its transition to sustainable cash generation is on track.
