Tim Steiner to step down as Ocado CEO end 2027
Tim Steiner, who co-founded Ocado back in 2000, just announced he'll be stepping down as CEO at the end of 2027.
After that, he'll stick around in a "founder role" until 2029, helping out with strategy and sharing his experience.
The company thanked him for his leadership during this big transition.
Ocado share price down over 50%
Steiner's decision comes as Ocado faces some tough times: leadership tensions, a share price drop of over 50% this past year, and warehouse closures by partners like Kroger and Sobeys.
Earlier this year, Ocado also cut about 1,000 jobs to save costs.
Even though Steiner helped land deals with big names like M&S and Asda, some investors aren't happy about his pay (nearly £100 million since their stock market debut), though he still owns a small stake in the company.