Ocado's co-founder and chief executive, Tim Steiner, has denied any intention of acting as a "puppet master" behind the scenes, following an apparent boardroom dispute over succession plans at the online grocery technology firm. His comments came as shares in the company fell nearly 15% to their lowest level in more than a decade, after Ocado reported a sharp fall in pre-tax profits, adding pressure to a leadership transition already clouded by reports that the chair had begun seeking a new chief executive without consulting Steiner.

Ocado said last week that Steiner would step down as chief executive in 2028 but remain for a further year in a "founder role" offering strategic guidance until 2029, and he indicated on Thursday he would stay longer if his successors wished. Pre-tax profits for the six months to 31 May came in at £17m, down from £607m a year earlier, though Steiner insisted the business remained "on a good path", citing expected positive cashflow by November, new US client signings, forthcoming robotic distribution centres in South Korea, Japan and Arizona, and 15% growth to £1.76bn in sales at its Marks & Spencer joint venture. He declined to comment on his relationship with chair Adam Warby, who took up the role in 2024.