Top-ten shareholders of Ocado Group PLC are urging the board to retain Chief Executive Officer Tim Steiner. Multiple major investors wrote to the board to express support for Steiner following reports of a planned replacement. Chairman Adam Warby and major shareholder Jorn Rausing are reportedly leading the move to appoint a successor.
Ocado previously confirmed it was engaged in long-term succession planning. However, significant investors now describe the plan to remove Steiner quickly as an act of self-harm.
The company’s shares have experienced extreme volatility recently. Ocado stock has fallen 91% over the last five years. The shares lost 15% of their value in the past week alone.