Ocado shareholders vote against boss’s £2m pay packet
Ocado board got a bloody nose when 30% of shareholders voted against the boss’s £2m salary package
Pay rebellion: Ocado boss Tim Steiner received around £2 million for 2022
Ocado shareholders gave a nosebleed yesterday over the boss’s £2m pay package.
Directors of the London-listed online supermarket faced a bloody revolt at its annual general meeting, with 30.14 percent of shareholders voting against Tim Steiner’s remuneration package.
While the resolution passed, it was another blow to Ocado, which has recently ballooned.
Chief executive Steiner received around £2 million for 2022, although the company – which owns online grocer Ocado.com with M&S – has seen its share price drop 45 per cent over the past year.
Steiner received a salary of £755,000 for the year and an annual bonus of £1.19 million, plus additional benefits including pension contributions. His paycheck last year was just a fraction of the £59 million he received in 2019.
In a February update, which analysts described as ‘really dismal’, the company reported a loss of £500.8m for 2022, while revenues remained firm at £2.5bn.