£59m payout for Ocado’s boss Tim Steiner despite company’s £214m loss
Ocado’s chief executive Tim Steiner is set to receive a near £60 million bonus despite his company reporting posting a whopping £214 million loss last year.
Steiner and another four top executives will receive a combines payout of £88 million thanks to a five-year incentive scheme which grants them the maximum possible amount as Ocado’s share price has risen.
For the year to December 1 2019 Steiner will receive £58.9 million, marking one of the largest sums given to any FTSE 100 boss.
Meanwhile its chief financial officer Duncan Tatton-Brown and chief operating officer Mark Richardson will both receive £15.8 million, and payouts of £8.55 million and £1.8 million will be granted to its chief technology officer Luke Jensen and its group general council Niell Abrams respectively.
This comes after Ocado revealed losses around £80 million higher than analysts’ expectations this week, despite group sales rising 9.9 per cent to £1.76 billion.
In order for the payout to be triggered, which enabled Steiner’s payment to skyrocket by £54 million compared to last year, Ocado’s share price had to exceed the FTSE 100’s growth by 20 per cent a year.
Ocado smashed this target, reporting a 31 per cent annual growth compared to the FTSE 100’s meagre 1.79 per cent growth.