Ocado's co-founder and chief executive, Tim Steiner, has announced he will step down in 2028, giving the company a solid three years to find someone willing to take the reins of a company whose share price has been on a diet - losing over 50% of its value in the past year alone. Steiner, 56, who co-founded the online grocer in 2000 with two other former Goldman Sachs bankers, will remain CEO until the start of the 2028 financial year (beginning December 2027, because why not make it confusing). After that, he'll hang around in a vaguely defined "founder role" providing "strategic guidance, deep market expertise and support" until 2029. Ocado's board expressed gratitude, perhaps relieved that they won't have to deal with another shareholder revolt just yet. The announcement follows reports that chair Adam Warby and shareholder Jörn Rausing, a Tetra Pak billionaire, had tried to oust Steiner after the company's stock slump, only to face backlash from long-term investors. Ocado has had a rough go lately: its North American partners Kroger and Sobeys are closing robotic warehouses due to weaker-than-expected demand, and the company recently slashed 1,000 jobs to cut costs. Steiner, who holds a 2.35% stake and has collected nearly £100 million since the company's 2010 IPO (despite the share price now being below that level), will now oversee the search for his successor - reportedly including Niklas Heuveldop, chief executive of Vonage. One can only hope the next CEO enjoys robots, grocery delivery, and existential market challenges.