Investors representing a quarter of Ocado shares are demanding the removal of board chair Adam Warby. The backlash follows an attempt by Warby and billionaire Jörn Rausing to abruptly oust founder and CEO Tim Steiner. Major shareholders have expressed fury, with some threatening a vote of no confidence if Steiner is forcibly removed from his position.

This leadership crisis arrives as the company struggles with a massive valuation collapse. Shares currently trade at 188p, a staggering drop from the 2,817p peak seen during the pandemic. The board's attempt to accelerate a succession plan has instead triggered a revolt among long-term backers who favor a more gradual transition.

Warby previously faced a similar shareholder rebellion at Software One after resisting a takeover. At Ocado, investors argue that any leadership change must involve Steiner's cooperation to maintain stability. The company is currently attempting to pivot its business model by securing new software licensing deals to offset recent-era losses.