The lingering slump has also come amid threats of legal action with its joint-venture partner Marks and Spencer. That piled more pressure on the stock and Ocado's combative boss, Tim Steiner, amid controversy over high pay and a five-year package worth up to £100 million.
Ocado's looming demotion to the FTSE 250 would end a six-year spell among the UK's biggest firms, amid unease over Steiner's package at the company he founded. A former Goldman Sachs banker, he hauled in £59 million in 2020 around the stock's peak.
In 2022, nearly 30% of shareholders voted against the £100 million, five-year pay plan for the CEO. That proposal came even as hopes were fading that Ocado's robotic warehouses would become Britain's answer to the world's biggest names in e-commerce.
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