Almost a third of Ocado shareholders voted against CEO Tim Steiner’s £2 million remuneration package at its AGM yesterday.
Steiner was paid a £755,000 salary for the year and an annual bonus of £1.19 million, on top of extra benefits, including pension contributions.
His last year’s pay package was just a fraction of the £59 million he got in 2019.
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Although the resolution passed, 30.14% of shareholders voted against it in “another blow for Ocado”.
Ocado’s CFO Stephen Daintith received a £1.39 million package while its five top directors received £7 million between them.
This comes as the business recorded a loss before tax of £501 million for 2022 and saw its shares plunge 45%.
Retail sales at the group fell by 3.8% to £2.2 billion in what it called a “challenging market” as shoppers purchased less due to the rising cost-of-living.
Following the plunge in sales and widening losses, Ocado became the most-shorted stock in London, with over 6% of stock currently out on loan to hedge funds.