Ocado board dealt a bloody nose as 30% of shareholders vote against boss’s £2m pay packet
Pay rebellion: Ocado boss Tim Steiner received around £2m for 2022
Ocado shareholders gave it a bloody nose over the boss’s £2million pay packet yesterday.
Directors of the London-listed online supermarket faced a bruising rebellion at its annual general meeting, with 30.14 per cent of shareholder votes against Tim Steiner’s remuneration package.
Although the resolution passed, it was another blow for Ocado, which has endured ballooning losses recently.
Chief executive Steiner received around £2million for 2022, even though the firm – which owns the online grocer Ocado.com with M&S – has seen its share price plunge 45 per cent in the past year.
Steiner was paid a £755,000 salary for the year and an annual bonus of £1.19million, plus extra benefits, including pension contributions. His pay cheque last year was just a fraction of the £59million he got in 2019.
In a February update, which analysts branded ‘truly dismal’, the business reported a loss of £500.8million for 2022 as revenues held firm at £2.5billion.