Why Skills-First Leadership Is Replacing the Ivy League Playbook in the C-Suite
05/23/2025
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The old prestige pyramid—where Ivy League degrees and blue-chip consulting backgrounds paved the way to the CEO seat—is cracking.
July 20, 2023: On Tuesday, Ocado shares swelled after the British online supermarket and technology group kept its financial guidance for the year as it reported a return to underlying profit in its first half.
Shares surged 15.3% to their highest since February, beating the four-month peak set in June after a report of possible takeover interest from Amazon boosted the company’s stock.
The company made profits before interest, tax, depreciation, and amortization (EBITDA) of 16.6 million pounds ($21.7 million) from six months to May 28 versus a loss of 13.6 million a year earlier. Its Technology Solutions revenue jumped 59%.
Chris Beauchamp, top market analyst at I.G. Group, said the most promising number had been the surge in the Tech Solutions business.
It reminds “investors that the amazing longing for Ocado shares is that they can license their technology to a broad audience around the globe rather than just another U.K. supermarket,” he said.
Ocado Group has three parts to its business Ocado Retail, an online supermarket joint venture with Marks & Spencer; U.K. Logistics, which provides satisfaction and delivery support to U.K. partners; and Technology Solutions, which licenses its robot technology for warehouses to other retailers, such as Kroger in the United States, Aeon in Japan and Casino in France.
Ocado expressed that the financial guidance remained unchanged in its full-year results in February.
Jefferies analysts said the headline results looked solid, with Ocado delivering on a pledge to reduce cash burn and reiterating its full-year 2023 guidance.
Ocado’s boss said the company is not looking to be taken over.
“Whenever any offers come, as a management team and a board, I’ve got a responsibility to take them very seriously, but it’s not something I’m out pursuing,” founder and CEO Tim Steiner told reporters after Ocado reported first-half results.
Ocado shares surged 32% on June 22 after The Times newspaper reported speculation of possible bid interest in the online supermarket from more than one U.S. suitor, including tech heavyweight Amazon. At the time, both companies declined to comment.
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