Tim Steiner (businessman)

Tim Steiner OBE (born December 1969) is the co-founder and chief executive of Ocado, the FTSE 100 online grocery and technology business. As of June 2020, Ocado had a market capitalisation of nearly £14 billion.[1] The 2020 Sunday Times Rich List estimates that Steiner is worth £403 million.[2]

Tim Steiner
Born
Timothy Steiner

November 1969 (age 50)
NationalityBritish
EducationHaberdashers' Aske's Boys' School
Alma materUniversity of Manchester
OccupationBusinessman
Known forco-founder and CEO, ocado
Net worth £403 million (Sunday Times Rich List, 2020)
TitleChief Executive
Term2000 - present
Spouse(s)Belinda Steiner (1989-2018)
Children4

Early life

Tim Steiner was born in December 1969.[3] He was educated at Haberdashers' Aske's Boys' School in Elstree, Hertfordshire. He read Economics at the University of Manchester.[4][5]

Career

In 1992, Steiner joined Goldman Sachs as a bond trader. He worked for them for eight years in London, New York and Hong Kong before leaving to co-found Ocado in 2000 with Jonathan Faiman and Jason Gissing.[5] Faiman left the business before it floated on the London Stock Exchange in 2010 and Gissing left in 2014. Steiner remains Ocado's chief executive.[6]

In February 2020, it was announced that Steiner was paid a salary of £58.7 million for the year to 1 December 2019.[7]

Following the lock down due to the outbreak of COVID-19 in the UK in March 2020, Ocado recorded 40 percent revenue growth in April and May compared to the same period last year.[8]

Steiner donated £50,000 to the Conservative Party during the 2019 United Kingdom general election.[9]

Personal life

Steiner was brought up in North London. He has four children with ex-wife Belinda.[10] The couple were divorced in 2018.[11]

References
  1. "OCADO GROUP PLC OCDO Stock | London Stock Exchange". www.londonstockexchange.com. Retrieved 3 June 2020.
  2. Times, The Sunday. "Rich List 2020: profiles 304-399=, featuring Simon Cowell and Sir Elton John". ISSN 0140-0460. Retrieved 3 June 2020.
  3. "Timothy STEINER – Personal Appointments (free information from Companies House)". Companies House, Government of the United Kingdom. Retrieved 27 January 2018.
  4. O’Doherty, John (20 July 2010). "Profile: Ocado founders". Financial Times. Retrieved 27 January 2018.
  5. Turner, Camilla (19 March 2016). "Ocado boss is dating Polish model twenty years his junior after filing for divorce from wife". The Daily Telegraph. Retrieved 27 January 2018.
  6. Sunderland, Ruth (5 September 2019). "I had no idea how hard it would be, says Ocado founder Tim Steiner". This is Money. Retrieved 3 June 2020.
  7. Editor, Ashley Armstrong, Retail. "Ocado chief Tim Steiner paid £59m despite record loss". ISSN 0140-0460. Retrieved 12 February 2020.CS1 maint: extra text: authors list (link)
  8. Benstead, Sam (12 May 2020). "How Ocado, Britain's 'best tech stock', is growing faster than Amazon". The Telegraph. ISSN 0307-1235. Retrieved 3 June 2020.
  9. Turvill, William (17 December 2019). "Ocado founder Tim Steiner and Steve Morgan among the City bigshots who funded Tory victory". This is Money. Retrieved 29 May 2020.
  10. "Highgate Ocado boss faces ex wife in one of Britain's biggest ever divorce battles". hamhigh.co.uk. Retrieved 27 January 2018.
  11. "Judge rules to keep Ocado boss' multi-million pound divorce private". London Evening Standard. 26 July 2016. Retrieved 27 January 2018.
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