Key facts
- Ocado is searching for a successor to its founder and CEO, Tim Steiner.
- The company's shares have fallen to decade lows.
- Ocado's stock has declined significantly over the past year.
- The company's shares are nearing their original IPO price.
Ocado, the e-commerce and warehouse automation company, is reportedly in the process of searching for a successor to its founder and current CEO, Tim Steiner. This development occurs as the company's shares have reached their lowest valuation in the past decade. The firm's stock has experienced a significant downturn over the last year, now nearing the price at which it was initially offered to the public during its IPO. The search for a new leader signals a potential shift for Ocado as it navigates this period of considerable share price decline. Steiner, who founded the company, has been at the helm as its CEO, overseeing its operations in the competitive online grocery and technology sectors. The company's performance on the stock market has been a key concern, with the recent lows indicating investor apprehension or market pressures affecting its valuation. The specifics of the leadership transition, including potential candidates or a timeline, have not been disclosed. However, the move suggests a strategic re-evaluation by Ocado's board in response to the sustained drop in its share value.