30% of shareholders vote against Tim Steiner’s £2m pay amid widening losses
- 30% of Ocado shareholders voted against CEO Tim Steiner’s £2m pay packet
- CEO received a £755,000 salary and an annual bonus payment of £1.19m
- Full-year losses widened to £500m for the online grocer
- Retail revenues fell by 3.8% from £2.28bn to £2.08bn
- EBITDA loss of £74m compared to a profit of £61m in FY21
- Cost pressures and capacity investments impacted growth at Ocado Retail
A third of Ocado shareholders have voted against CEO Tim Steiner’s £2m pay packet, as the online grocer reported full-year losses widened to £500m. Despite a relatively flat group revenue at £2.5bn for the year ended 27 November 2022, retail revenues fell by 3.8% from £2.28bn to £2.08bn due to lower value baskets and cost pressures. The company also reported an EBITDA loss of £74m compared to a profit of £61m in FY21, with the board stating that the current Directors’ Remuneration Policy is still the best way to incentivize management for long-term growth.
Factuality Level: 8
Factuality Justification: The article provides accurate information about Ocado’s financial performance and shareholder vote on CEO Tim Steiner’s pay package. It includes relevant details about the company’s revenue, losses, and reasons for lower customer growth. However, it could provide more context or analysis of the cost-of-living crisis impact on the company.
Noise Level: 3
Noise Justification: The article provides relevant information about Ocado’s financial performance and shareholder vote on CEO Tim Steiner’s pay package. It includes specific numbers related to the company’s revenue and losses, as well as an explanation for the decline in retail revenues. However, it could benefit from more analysis or context on the broader implications of these results and the potential consequences for the company’s future growth.
Financial Relevance: Yes
Financial Markets Impacted: Ocado’s shareholders
Financial Rating Justification: The article discusses Ocado’s CEO pay, the company’s financial performance, and shareholder voting on the remuneration package, which can impact investor sentiment and potentially affect the company’s stock price.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.
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