Ocado CEO Tim Steiner to depart at the start of fiscal 2028

Tim Steiner, co-founder and CEO of Ocado Group, will step down at the start of the company’s 2028 financial year, the online grocery delivery specialist announced on July 6, 2026. The accelerated succession plan follows internal boardroom pressure led by Chairman Adam Warby, despite resistance from some shareholders who wanted to retain Steiner in the top role. Steiner will remain involved as a company founder through 2029 while Ocado pivots toward smaller, store-based automation solutions. Ocado’s shares fell as much as 4.5% in London on the announcement, deepening a year-to-date decline of nearly 25% as investors question the viability of its large fulfillment-center model. Steiner previously positioned Ocado as the “Tesla of grocery,” but the company’s stock has plunged more than 90% from its pandemic-era peak as pandemic-driven shopping habits faded and investor confidence in its robot-powered logistics waned. Ocado has responded by cutting jobs to align with a broader industry shift toward handling online orders in-store rather than via standalone fulfillment centers. Major customers including Kroger Co. and Morrisons have scaled back their partnerships in recent years. In May, Ocado secured a deal to replace and upgrade British grocer Asda’s e-commerce infrastructure using its online sales platform. Bernstein analyst William Woods described the transition as challenging, noting the need to pivot away from large, capital-intensive customer fulfillment centers to smaller, store-based automation solutions. The move underscores growing skepticism about Ocado’s original business model amid mounting operational and financial pressures.