Ocado’s board has intensified its search for a chief executive to replace co-founder Tim Steiner after a long period of falling share prices, the Financial Times has reported.

The paper said the London-listed grocery technology company has approached potential candidates to replace Steiner after 26 years in post.

Citing people familiar with the matter, it said that the discussions have been driven by Ocado’s shareholders, who have seen shares fall over 90 per cent from 2020 highs during the Covid pandemic.

“[Steiner] would not choose to go now, but he understands why it must happen,” one of the people told the FT.

Another person with knowledge of the matter told the paper that he may remain with the company in another role, adding that his deep knowledge of the business was highly valued by the board. They added that Steiner retains the support of many investors.

Major investors in the company include Tetra Pak billionaire Jörn Rausing, who serves as a non-executive director on the board, and hedge fund manager turned property developer Nick Roditi.

Ocado’s third largest shareholder is Lingotto Investment Management, a fund backed by the Italian Agnelli dynasty.

After it was revealed at the weekend that the group was in talks to find a new chief executive, Ocado released a statement saying it “continually” engages in long-term succession planning and regularly engages with potential candidates.

In late May, the company announced a partnership with supermarket chain Asda under which it will provide ecommerce, fulfilment and delivery technology from 2027, marking a key new client after the shuttering of three Kroger fulfilment centres in the US.

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