Preheat your oven to 325°F.
Season the beef chunks with salt and pepper.
Heat olive oil in a large Dutch oven over medium-high heat. Add the beef in batches and sear until browned on all sides, then set aside.
In the same pot, add the onion and garlic, cooking until softened, about 5 minutes.
Stir in the tomato paste and Worcestershire sauce, cooking for another 2 minutes.
Return the beef to the pot. Add carrots, potatoes, beef broth, bay leaf, and thyme.
Bring to a simmer, then cover and transfer to the oven.
Cook in the oven for about 3 hours, or until the beef is tender and the vegetables are cooked through.
Remove the bay leaf and thyme sprigs before serving.