Ocado co-founder Jon Faiman has significantly cut his holding in the online grocer, it has emerged.
Faiman was chief operating officer at Ocado until 2008 and resigned as a non-executive director in 2010, having set up the business alongside Tim Steiner and Jason Gissing.
When Ocado was floated last year, Faiman and his wife Kira held 4.6% of the company’s stock via their Tempest Capital trust.
They have now reduced their holdings from 3.9% to below 3%, despite Ocado’s share price having hit their lowest level since the IPO. The drop in its valuation came after Goldman Sachs downgraded its earnings forecasts for the company, citing ongoing capacity issues.
Capacity worries see Goldman slash Ocado forecasts (12 August 2011)
Ocado adds Oxford base to distribution network (4 August 2011)
Ocado has change of heart and plans stock exchange flotation (20 June 2009)