Steinhoff board member quits
Naidoo to focus on chairmanship of African unit
STEINHOFF International Holdings NV said yesterday that Jayendra Naidoo had resigned as a member of its supervisory board to focus his efforts on the board of its unit, Steinhoff Africa Retail Ltd (Star), which he chairs.
Steinhoff International said Naidoo’s post would be filled by a new independent director, to be appointed in due course.
Steinhoff last month admitted “accounting irregularities” as it built a debt-fuelled empire stretching from Poundland in Britain to Mattress Firm in the United States.
The firm’s chief executive left. The chairman briefly took the reins before also stepping down. In January, the chief financial officer stepped down.
“The supervisory board continues to keep the governance of the group under review and a number of candidates are in the process of being approached to strengthen the independence of the supervisory board,” the firm said.
Steinhoff spun off its African chains last year to secure a higher rating for its developed market businesses and to give investors keen on exposure to Africa a chance to invest in Star directly.
In December, Star reported a 25% rise in full-year operating profit, thanks mainly to cost cuts and a strong showing at discount clothing chains.
“Star will continue to be a key part of the Steinhoff group and it is important to have a focused board and management team in place to maximise the potential of the business,” Steinhoff’s acting chair, Heather Sonn, said. —