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Steinhoff CEO quits amid accounting scandal

RBR Staff Writer Published 07 December 2017

South African retailer Steinhoff International said its CEO Markus Jooste has tendered his resignation with immediate effect.

The company’s supervisory board has appointed its chairman, Christo Wiese, as executive chairman (Delegated Supervisory Chairman) on an interim basis.

Pepkor Group previous CEO Pieter Erasmus has agreed to join Wiese in an executive advisory capacity to assist with managing the group’s several retail interests across the world.

Steinhoff said Wiese and the board will supplement the management team and embark on a detailed review of all aspects of the company’s business in order to maximize shareholder value.

The retailer has approached PwC to undertake an independent investigation in light of new information associated to accounting regularities, and postponed its full-year results for the 12 months to 30 September.

The company said it will publish the audited 2017 consolidated financial statements when it is in a position to do so and determine whether any earlier years’ financial statements should be restated.

Steinhoff, which was founded in 1964, has over 12 000 stores in more than 30 countries.

Earlier this year, Steinhoff and Shoprite have scrapped their proposed merger deal of forming an African retail giant, dubbed Retail Africa, due to a disagreement on the share exchange ratio.

Steinhoff was founde by Bruno Steinhoff in Westerstede, Germany. The company moved its headquarters to South Africa in 1998 due to the low production costs.