// 30% of shareholders voted against CEO Tim Steiner’s pay
// Ocado made a £500m loss last year
Almost a third of Ocado shareholders voted against CEO Tim Steiner’s £2m pay packet at its AGM yesterday.
A total of 30.14% of investors voted against Steiner’s remuneration package.
The Ocado co-founder was paid a £755,000 salary for the year and a bonus of £1.19 million in a year when the online grocer’s losses widened to £500 million.
Retail sales fell 3.8% to £2.2 billion in what the group called a “challenging market” as the benefits of the trend towards online shopping sparked by Covid pandemic lockdowns wound down and customers bought fewer items “exacerbated by the cost-of-living crisis”.
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Its share price has also plunged 45% in the past year.
The performance has caught the attention of short-sellers, with Ocado topping the list of the Financial Conduct Authority’s ‘most-shorted’ stocks in March.
More than 6% of the online grocer’s stock is currently out on loan to hedge funds, which will make money if the share price falls.
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