Steinhoff Names Heather Sonn as Acting Chair of the Company

Marco Green
December 19, 2017

Van der Merwe will be the face of Steinhoff at a meeting with the company's banks which seek more information about the financial health of the company and the extent of the accounting problems.

Chief Operating Officer Danie van der Merwe is the new interim chief executive officer of the owner of Mattress Firm in the USA and Poundland in the United Kingdom, replacing Markus Jooste, who quit after the company reported accounting irregularities two weeks ago.

The retailer said that it has appointed Alexandre Nodale as deputy CEO and Louis Du Preez as commercial director, adding that Mr. Nodale will maintain his role as CEO of Comforama.

The two have the daunting task of convincing lenders to support the company following the recent troubles that it has seen.

Steinhoff's shares have bounced back slightly after it appointed a new chief executive in the wake of two bosses suddenly resigning this month. This comes after the Independent Regulatory Board for Auditors (Irba) launched an investigation into Deloitte South Africa's probable complicity in the company's withheld financials and chairperson Christo Wiese stepping down as pressure on the board mounted.

In a SENS announcement on Tuesday, the group's supervisory board designated Danie van der Merwe, who has been COO of Steinhoff, as acting CEO. The company had total liabilities of nearly €18 billion as of the end of March.

Other reports by Click Lancashire

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