Ocado Group PLC (LSE:OCDO) has played down media reports that the online grocery technology group is preparing for the eventual succession of founder and CEO Tim Steiner.
The company issued a short statement on Monday saying it "continually engage[s] in long-term succession planning and regularly engage[s] with potential candidates", following a Sky News report that the board was lining up a successor to Steiner, who co-founded Ocado in 2000.
According to the report, Ocado chairman Adam Warby is leading the search process and has sounded out Niklas Heuveldop, chief executive of communications technology company Vonage, about the role.
Ocado did not comment on any specific candidate or succession timetable but the statement marks the first public acknowledgement by the company of succession planning.
Steiner has overseen Ocado's transformation from an online grocer into a supplier of warehouse automation and robotics technology to supermarket groups around the world, though recent years have seen some customers pare back warehouse roll-out plans and contract commitments.
Steiner also serves as chairman of Ocado Retail, the company's UK joint venture with Marks & Spencer.
The succession speculation comes as Ocado seeks to improve profitability and accelerate growth in its technology division, with a new partnership with Asda announced last month, and plans to cut around 1,000 jobs earlier in the year.
Ocado shares closed just above 181p on Friday, valuing the company at about £1.5 billion.
