Ocado faces leadership questions as pay and share-price concerns mount amid restructuring and job cuts. The company, known for its online grocery tech, says Tim Steiner will stay as CEO until Dec 2027 before taking a founder role.
A round-up of fresh company updates shows mixed earnings across retailers and tech-adjacent firms. Pennon sees improving profit as storms and tariffs weigh on penalties; Mitie reports rising revenue and progress on strategy ahead of leadership change; S4 Capital trims job cuts while pursuing AI-driven growth; Debenhams, Macy’s, Ulta and Asda publish updates amid a churning retail landscape.
Currys has reported solid trading with rising profits and revenue, propelled by World Cup-related demand for large TVs and home entertainment gear, and by AI-driven growth in computing. The group plans to appoint Fredrik Tonnesen as chief executive as it continues its turnaround.
Ocado is facing questions over Tim Steiner’s pay and potential succession amid a slide in its share price to below its 2010 flotation level. The board is considering replacements as shareholders voice concerns over pay proportionality and performance.
Ocado has announced a planned leadership transition with co-founder and CEO Tim Steiner set to step down in 2028. A successor will be identified by the start of the 2028 financial year, with Steiner remaining as a founder adviser through 2029. The move follows pressure from shareholders after a slump in Ocado’s share price and ongoing restructuring.