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Ocado shareholders rebel over bosses pay and bonuses


Over 30% of shareholders at online-only grocer Ocado have voted against bumper bonuses and pay for bosses, as it was revealed CEO Tim Steiner was handed pay packet of around £2 million last year.

Steiner, who co-founded the group, received a salary of £755,000 and an annual bonus payment of £1.19 million, alongside other benefits such as pension, it was revealed at its AGM yesterday.

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Ocado’s remuneration deal for bosses also handed CFO Stephen Daintith a £1.39 million total pay deal, with its five top directors receiving almost £7 million between them.

However, this comes as the group posted wider losses of around £501 million, an increase from £177 million the year prior.

Retail sales also slumped by 3.8% to £2.2 billion, attributing a “challenging market” to its losses, following the Covid-19 pandemic sparking a boom in online shopping.

InternetRetailing has contacted Ocado for comment.

Image credit: Shutterstock

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