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Tim Steiner OBE (born 9 December 1969) is a British businessman who is the co-founder and chief executive (CEO) of Ocado, the FTSE 100 online grocery and technology business. As of May 2023, Ocado had a market capitalisation of nearly £3 billion. [1] The 2020 Sunday Times Rich List estimates that Steiner is worth £403 million. [2]
In January 2000, he started Ocado with two former colleagues from Goldman Sachs, Tim Steiner and Jonathan Faiman. [ 3 ] [ 4 ] He became chief financial officer of the company. [ 3 ] The company moved from a start-up to a household name during his 15 years there.
In July 2019, Faiman was sued by Ocado over allegations that Faiman had colluded with Jon Hilary, then a senior Ocado employee, to steal confidential information from Ocado in order to launch T0DAY. [5] In June 2021, the case was settled following an admission of wrongdoing by the pair and Faiman making a "significant payment" to Ocado. [6]
In August 2020, Waitrose announced they would cease operations with Ocado, which ended on 1 September 2020. Ocado partnered with Waitrose's rival store Marks & Spencer. [63] Arrangements were amended in 2010 to a ten-year agreement to supply products to Ocado. [64] In February 2011, John Lewis Pension trust divested itself of its Ocado shares. [65]
Farmfoods doesn't offer a loyalty scheme but instead provides discount vouchers (for example £2.50 off a £30 spend or £5.00 off £60). The weekly vouchers are available through signing up for emails from Farmfoods or leaflet drops.
In 2019, M&S paid up to £750 million (dependent on future performance) for 50% of online retailer Ocado Retail Ltd, displacing Waitrose as Ocado's retail partner. [154] Since 2020, [155] customers are directed to Ocado's website where they can order food and selected clothing items. [156]
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