£1.5m share windfall for Ocado boss

OCADO boss Tim Steiner has been handed £1.5m worth of shares.

Steiner, 49, was awarded 214,942 shares as part of the company’s long-term incentive plan.

He sold 101,226 of these at 1287p each for tax and national insurance purposes, totalling £1.3m.

The remainder have been transferred to Steiner, which at last night’s prices were worth just over £1.5m.

It comes just days after Ocado bagged its latest overseas deal with Australian grocer giant Coles.

Ocado, which Steiner cofounded in 2000 with two Goldman Sachs colleagues, has managed to win over sceptics who doubted its ability to turn its technology into a success.

The business is now joining forces with Marks & Spencer in a £1.5bn deal that will allow the High Street firm to operate an online grocery delivery service for the first time.