Tim Steiner, the co-founder and CEO of online shopping company Ocado has taken home a £54m bonus, despite the company posting a £214.5m loss last year. The company has not made a profit in over three years.
The bonus was due to an incentive programme within the company that was tied to the company’s share price. The rise in share price was largely down to the company reporting revenues of more than £1.7bn last year.
Steiner currently has an annual salary of more than £4.7m, and with this bonus, his total pay for the last year totalled £58.7m.
Over the last few years, the company has disappointed its investors, however recently it has struck major deals in the UK (with M&S) and in the USA (Kroger).
Steiner’s £54m bonus is part of an £88m bonus scheme that will be paid out to Ocado’s top executives.