Home Business News Accounting scandal-hit Steinhoff names new CEO

Accounting scandal-hit Steinhoff names new CEO

19th Dec 17 1:13 pm

Today’s shares were up by 11 per cent

In a meeting with its lenders today, Poundland owner Steinhoff has appointed Danie van der Merwe as the acting CEO after two bosses resigned in a matter of weeks.

The embattled retail giant has seen its market value plunge by more than $10bn in the past three weeks after it disclosed “accounting irregularities” , which also caused its shares to fall almost 90 per cent since the end of November.

However, today’s shares were up by 11 per cent after the company announced that it had hired Heather Sonn as acting chair of the company, while chief operating officer Merwe has stepped up to act as chief executive.

Merwe, a two-decade company veteran, is Steinhoff’s third chief executive in as many weeks. Top shareholder Christo Wiese had stepped in to replace Jooste but abruptly resigned as chairman and de facto CEO last week.

Steinhoff is a household good giant, which owns 6,500 retail outlets in 30 countries, including the UK’s Poundland and furniture chains Bensons and Harveys.

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