Ocado Group PLC (LSE:OCDO) founder Tim Steiner will remain chief executive until the start of the 2028 financial year, the group has told investors.
The online grocery and warehouse technology group said Steiner will continue to lead strategy, operations and growth initiatives during the period and will remain involved with the business through 2029.
Following the appointment of a successor, Steiner will "transition into a founder role", a newly created board position, where he will provide strategic guidance and support to the board and management team "through 2029".
The update comes a fortnight after Ocado played down reports that it was preparing for Steiner's departure, insisting that it is continually engaged in long-term succession planning and regularly speaks to potential candidates.
The company said today it expects the succession process to conclude around the start of the 2028 financial year.
Steiner co-founded Ocado in 2000 and has overseen its transformation from an online grocer into a supplier of warehouse automation and robotics technology to supermarket groups worldwide.
The succession process comes as Ocado seeks to improve profitability and revive growth in its technology division after some customers scaled back warehouse expansion plans.
The group last month announced a partnership with Asda and earlier this year unveiled plans to cut around 1,000 jobs.
