Feb 11, 2020

Ocado boss Tim Steiner bags £54m bonus

The boss of online shopping company Ocado has bagged a £54m bonus, despite his firm posting a bruising £214.5m loss last year. Tim Steiner got the windfall after an incentive scheme tied to the firm's share price paid out. It comes on top of a further £4.7m in salary and other bonuses for Mr Steiner, bringing his total pay in 2019 to £58.7m. Ocado is seeing strong sales but has not made a profit for three years. For years the firm, which sells groceries online and has no physical stores, failed to live up to its potential, disappointing investors. Alongside Mr Steiner's payout, the firm's finance director, Duncan Tatton-Brown, and chief operating officer, Mark Richardson, have both banked £14m. Luke Jensen, who runs Ocado's tech division, will get £6m. In its annual results published on Tuesday, Ocado blamed its hefty loss on a fire at its Andover warehouse, which is now being rebuilt.

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