OCADO CHIEFS FORFEIT BONUSES

EXECS at online grocer Ocado will not receive a bonus this year, after the firm failed to generate a pre-tax profit. Chief executive Tim Steiner’s (above) total pay has slumped 38 per cent to £354,000 for the year to November 2011 as the company grew sales but suffered supply problems. Finance chief Andrew Bracey, who leaves the firm today to join Michael Page, saw his pay halve to £203,000 – and his near-50,000 share options are set to lapse upon his departure. Chairman Lord Grade saw his basic salary cut in half to £100,000, and no new share options were awarded to directors.