Ocado's board has intensified its search for a new chief executive to replace co-founder Tim Steiner following sustained pressure from frustrated shareholders. The London-listed grocery technology company has approached potential candidates as investors grow impatient with the firm's performance.

Shareholders have endured a 91 per cent drop in share value since the pandemic-driven peak five years ago. Major investors including Tetra Pak billionaire Jörn Rausing and hedge fund manager Nick Roditi have driven discussions behind the scenes. While Steiner understands the board's position and may transition to another role, he retains support from many investors who recognize his deep institutional knowledge.

Recent setbacks have accelerated calls for change. Kroger shuttered three facilities using Ocado's technology after demand fell short of projections, and the exclusivity deal between the partners has now lapsed. Separately, Ocado remains locked in a payment dispute with Marks and Spencer over their joint-venture operations.

Steiner spent 26 years building Ocado's automated warehouse systems, pioneering robot technology that sorts and delivers groceries within one-hour windows. His departure would mark the end of an era for a company that has struggled to translate technological innovation into consistent profitability since its 2010 London listing.