May 19, 2020

Ocado Group enjoys surge after Kroger deal, boss to pocket £110mn bonus

Digital Transformation
Digital Disruption
technology transformation
Ocado Group
Johan De Mulder
2 min
Ocado Group enjoys surge after Kroger deal, boss to pocket £110mn bonus

Ocado Group's rapid ascent has gathered pace following the news of its technology partnership with Kroger.

As Business Chief reported last week, the British online shopping company agreed a major deal with the US retailer, a union that it expects to 'transform' the retail technology sector through Kroger's adoption of its state-of-the-art platform and warehouse solutions.

In the wake of the partnership being announced, Ocado's share price rose by an astonishing 44% and its enterprise value to sales ratio matched that of the likes of Amazon, Tesco and Sainsbury's, demonstrating the latest step in its business growth.

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The Daily Telegraph is also reporting that Tim Steiner, Ocado's co-founder and Chief Executive Officer, is set to net a £110mn bonus following the share surge, with £32mn worth of stock options being offered to him next month and then the remaining sum given as part of a decade-long golden handcuffs deal early next year.

"Ocado's unique, proprietary and industry-leading technology is set to transform the shopping experience of consumers around the world," he said recently. "Our success as a retailer shows that we can offer customers unrivalled choice, quality and convenience, efficiently and profitably."

Earlier this month, Business Chief covered the news that Ocado had signed a deal with ICA Group to provide the Swedish retailer with its cutting-edge ecommerce solution.

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