OCADO FACES INVESTOR FURY OVER £20m A YEAR FOR BOSS

OCADO is facing a backlash over boss Tim Steiner’s ‘excessive’ pay plan, which could net him up to £100m.

Ahead of the firm’s AGM in London today, major shareholders and investor advisory groups voiced their anger, setting the scene for a revolt.

Royal London, which holds a 0.3pc stake in Ocado worth around £21m, said it was against the package, citing ‘serious concerns’.

Steiner, pictured above with his partner, lingerie model Patrycja Pyka, could earn £20m a year until 2027, based on share performance.

The deal was meant to run for five years until 2024, but Ocado wants to extend it after Steiner missed the target for a £20m payout in March.

Ocado shares soared during the pandemic, but they have fallen by around two thirds from their 2020 highs, closing yesterday at 919.4p.

Investor advisers Glass Lewis and Institutional Shareholder Services have also raised concerns.

Ocado said: ‘Pay schemes are approved by shareholders and only deliver above-market payouts for the delivery of above-market results.’