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Ocado says it can now seek new partners in those markets, but some analysts doubt it will be able to, given a wider industry shift towards fulfilling online orders from stores.
In a leadership transition update on Monday, Ocado said Steiner, 56, would remain in post until the start of 2028 and then help prepare the next generation of leadership, staying on with the group through 2029 in a founder role.
“(He) remains fully committed to driving the company’s strategy, operations and growth initiatives throughout this period,” Ocado said.
Ocado’s stock has lost about 20% over the last six months, and in February the company said it would cut 1,000 jobs as part of a cost-saving drive aimed at trying to turn cash-flow positive this year.
Steiner owns a 2.35% stake in Ocado according to LSEG data.
Reporting by Sarah Young in London and Yamini Kalia in Bengaluru; Editing by Subhranshu Sahu and Kate Holton
Source: Reuters
