Ocado Shares Plummet as CEO Steiner Retains Role Amid Losses

Shares of Ocado Group crashed up to 20%, hitting a 13-year low on July 16, 2026, following a mixed first-half financial update. While the company reported a 54% revenue jump to £1.04 billion for the period ending May 31, this growth was largely inflated by £354 million in one-off termination fees resulting from the closure of robotic warehouses by partners Kroger in the U.S. and Sobeys in Canada. Excluding these fees, revenue rose only 1% to £684 million, and adjusted EBITDA fell 12% to £81 million.

The company is now pursuing new partnerships in North America, Europe, and Asia to offset these setbacks. To stabilize finances, Ocado is implementing a £150 million cost reduction program involving approximately 1,000 job cuts and increased AI automation. Positive developments include a 15.1% revenue increase for Ocado Retail and a new contract with Asda Stores Limited to overhaul its ecommerce infrastructure starting in 2027.

Internal boardroom conflict centered on CEO Tim Steiner, who was the target of a removal plot led by Chair Adam Warby following a 90% collapse in share price over five years. It was confirmed that Steiner will remain in his position until December 2027 or the start of 2028, after which he will transition into a founder advisory role. Steiner maintains that the group is on track for efficiency gains and expects to be full-year cash flow positive by FY27.