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

- Technology - May 21, 2018

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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