Nearly a third of Ocado shareholders have voted against CEO, Tim Steiner’s £2 million pay packet.
The vote, which took place at the online-only supermarket’s annual general meeting yesterday (1 May), saw 30.14% of investors refusing the remuneration package.
According to reporting by This is Money, in 2022, Steiner was paid a salary of £755,000 with an annual bonus of £1.19m and added benefits such as pension contributions.
Subscribe to Grocery Gazette for free
Sign up here to get the latest grocery and food news each morning
This came at a time when Ocado’s share price fell 45% and retail sales dropped 3.8% to £2.2 billion.
At the same time that the company reported a £501m pre-tax loss, Ocado Retail CEO Hannah Gibson said despite the “challenging” period, she expects Ocado to build momentum through the second half of the year, improving proposition, growing its customer base and moving away from “Covid shopping behaviours”.
However, as a result of its performance, Ocado topped the Financial Conduct Authority’s list of ‘most-shorted’ stocks in London in March.
More than 6% of its stock is out on loan to hedge funds – the highest in five years – which will make money if the share price falls.
