Ocado Group co-founder and CEO Tim Steiner has confirmed his plans to step down from the company during the 2028 financial year. 

Following an alleged boardroom tussle, it has been reported that chairman Adam Warby and investor Jörn Rausing had long-term plans to replace Steiner following a slump in the company’s share price. 

Ocado’s shares are said to have fallen by more than 90% since the pandemic, driven by delayed technology deals and the loss of major international clients. 

In February this year, the company also announced plans to cut 1,000 jobs, reducing its global workforce by around 5%, in a move expected to save £150 million. 

Now, Steiner, who founded the company in 2000 alongside Jason Gissing and Jonathan Faiman, is preparing to transition into a “founder role”, providing guidance to the board until 2029. 

During the 2027 financial year, Steiner is expected to remain in his role as CEO, working closely with the board to identify his successor. 

At present, no incoming CEO has been confirmed. However, Ocado is thought to have potential candidates in mind. Last month, Sky News reported that Niklas Heuveldop, CEO of Vonage, was being considered for the role. 

On the outgoing CEO, an official statement from The Ocado Group, said: “The board and Tim have been engaged in a thoughtful and collaborative succession planning process designed to support Ocado’s long-term success. The company expects this process to conclude around the start of the 2028 financial year.” 

It added: “The board is grateful for Tim’s continued leadership and looks forward to working alongside him throughout this next chapter of Ocado’s development.”