Ocado boss, 49, gets £50million bonus on top of £3.1m annual salary
- Ocado boss Tim Steiner, 49, was given a bonus of shares worth £49.6million
- The chief executive, who co-founded the company, was paid £3.1million in 2018
- Ocado CFO and COO both received free shares, worth £12.4million each
The boss of Ocado has landed a £50million payday.
Tim Steiner, 49, who co-founded the online supermarket in 2000, was given the bumper bonus in shares worth £49.6million.
It is the latest in a string of awards handed to the chief executive, who was paid £3.1million last year.
Chief financial officer Duncan Tatton-Brown and chief operations officer Mark Richardson also received free shares, worth £12.4million each.
Luke Jensen, who runs Ocado’s technology division, pocketed shares worth £5.8million.
Ocado boss Tim Steiner, 49 (pictured), was given a bonus of shares worth £49.6million. This comes after he was paid £3.1million in 2018
Ocado hit a major stumbling block earlier this year when a fire destroyed its warehouse in Andover in Hampshire.
But the setback has not prevented the company from continuing with a deal-making spree that saw it secure a pact with Marks & Spencer to supply it with an online food delivery service for the first time.
Ocado executives have benefited from a huge rise in the firm’s stock price after it won a slew of contracts to provide overseas supermarkets with its pioneering delivery technology and robot-powered warehouses.
But the payout is likely to anger investors, coming just weeks after a quarter of shareholders voted against excessive pay for top executives at the company’s annual meeting.
The revolt meant Ocado was placed on the Investment Association trade body’s ‘named and shamed’ list of FTSE 100 firms that have attracted a serious backlash over fat cat pay.
Companies are added to the public register when more than 20 per cent of shareholders vote against a resolution at an annual meeting.
But the payout is likely to anger investors, coming just weeks after a quarter of shareholders voted against excessive pay for top executives at the company’s annual meeting
Mr Steiner could also be handed £100million if he triples the company’s share price over the next five years.
Labour’s Peter Kyle, a member of the Commons business committee, said: ‘When it is such an eye-watering amount of money, it’s very hard to see how customers, shareholders and front line staff could possibly benefit to the same degree.
‘Shareholders and remuneration committees need to take a deep breath and have a very careful look at how they measure performance.’ Ocado declined to comment.
Labour’s Peter Kyle (pictured), a member of the Commons business committee, said: ‘When it is such an eye-watering amount of money, it’s very hard to see how customers, shareholders and front line staff could possibly benefit to the same degree