Ocado Co-Founder Received £94m Since 2010 Float as Shares Trade Below Float Price but Market Value Has Doubled

Tim Steiner, who co-founded Ocado in 2000, has received £94m in payouts from the company since its 2010 stock market flotation at 180p per share, The Guardian reported. Nearly £59m of that total came in 2019, largely tied to technology licensing deals.

Ocado shares fell to 172p this week and now trade below the flotation price, with the company valued at about £1.4bn compared with £720m at the time of listing.

The shares have dropped more than 90% over the past five years after reaching almost £28 during the Covid pandemic. Kroger closed three warehouses using Ocado equipment in November 2025, and Sobeys closed its Calgary facility in January 2026. Steiner has acknowledged that demand for large automated centers in the United States proved smaller than expected.

Ocado’s board approached Niklas Heuveldop, chief executive of Vonage, part of Ericsson, about the chief executive role, Sky News reported. The company stated this week that the chief executive and board continually engage in long-term succession planning.

Adam Warby, appointed chair in December 2024 after five years leading headhunter Heidrick & Struggles, is believed to have initiated the process amid the share price slump.

Jörn Rausing, who holds a 10% stake and sits on the board, bought an additional £5.4m of shares in March 2026. One Ocado insider told The Guardian that senior managers largely support Steiner and that his departure could create internal problems, though pressure appears to come from some major shareholders.