Ocado co-founder Tim Steiner has insisted he will not seek to control the business from behind the scenes when he steps down as chief executive.

Steiner is due to leave the top job in 2028 before moving into a founder role for a further year, during which he will provide strategic guidance and support to the board.

The succession plan follows reports of tensions between Steiner and Ocado chairman Adam Warby, who was said to have started searching for a new chief executive without consulting the company’s co-founder.

Steiner said prospective successors he had spoken to were comfortable with him retaining some involvement, particularly in managing client relationships.

“I have no intention of being a puppet master and controlling everybody,” he said, adding that he would support the incoming boss and provide customers with continuity.

Steiner also maintained he was “not standing in the way” of appointing a new chief executive and remained committed to leading Ocado through its next phase.

His comments came as Ocado shares tumbled almost 15% after the group reported pre-tax profit of £17m for the six months to 31 May, down from £607m a year earlier.

The company reiterated that it expects to generate positive cash flow by the end of its financial year in November.

Steiner said Ocado expected to secure new US customers within the next six to 12 months, while robotic fulfilment centres for partners in South Korea, Japan and Phoenix are scheduled to open this year.

Meanwhile, sales at Ocado Retail, its joint venture with Marks & Spencer, climbed 15 per cent to £1.76bn during the half. Steiner said its growth could require additional UK facilities from 2028.

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