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Steinhoff chairman steps down in wake of accounting probe

South African retail group Steinhoff has confirmed that Christo Wiese has stepped down as chairman of its supervisory board. The news follows Steinhoff’s recent announcement that it will need to reissue its financial statements for 2016.

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Steinhoff chairman steps down in wake of accounting probe

South African retail group Steinhoff has confirmed that Christo Wiese has stepped down as chairman of its supervisory board. The news follows Steinhoff’s recent announcement that it will need to reissue its financial statements for 2016.

In a statement, the company said Wiese had offered to resign from the board to reinforce the independent governance of the company of which he is a major shareholder. It also said the board had accepted his resignation “to address any possible conflict of interest that may exist”.

Heather Sonn, a member of the supervisory board and its independent sub-committee, has agreed to assume the position of acting chairperson. Sonn will remain a member of the independent committee together with the other two members, Johan van Zyl and Steve Booysen.

Steinhoff’s portfolio of retail brands includes Bensons for Beds, Harveys and Poundland.

 

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