Ocado investors have requested the removal of its chair Adam Warby, the Financial Times has reported, amid an internal disagreement over whether to oust its chief executive Tim Steiner.

The paper reported that one of the top ten investors in the grocery technology company sent a letter to the company’s board asking for Warby to be removed, claiming the backing of investors who collectively hold a quarter of Ocado’s shares.

The move is reported to be the latest development in an ongoing row between investors at the firm over its flagging financial performance, with shares down over 93 per cent since their peak in September 2020.

Steiner co-founded Ocado in 2000 and has led it through its financial rise and subsequent downturn. Recent analysis by the High Pay Centre found Steiner has collected £94 million in payouts including share awards since 2010.

The FT has previously reported that Warby is attempting to push Steiner out, according to a succession plan, a move supported by some and staunchly opposed by others.

In June, the paper reported that Ocado’s board had stepped up efforts to replace Steiner, with sources close to the matter stating that candidates have been formally approached.

Sources told the FT that several top other top ten shareholders back Steiner staying in his post and said that his removal would lead to a vote of no confidence in the board. Investors also told the paper they would support keeping Steiner on in an “advisory or technology role” even if he stepped down as chief executive.

Warby, who previously chaired the board of private equity firm KKR, the executive search firm Heidrick & Struggles, and IT services firm SoftwareOne, became chair of Ocado in November 2024.

No formal succession plan has yet been announced for Steiner.

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