Steinhoff Supervisory Board Member Resigns to Focus on Role in Subsidiary
January 18 2018 - 5:46AM
Dow Jones News
By Adria Calatayud
South African retailer Steinhoff International Holdings NV
(SNH.JO) said Thursday that Jayendra Naidoo, a member of its
supervisory board, has resigned with immediate effect to focus on
his role as chairman of subsidiary Steinhoff Africa Retail Ltd.
(SRR.JO).
The parent company said the resignation is part of its efforts
to improve the performance of its key operating assets. It said Mr.
Naidoo will be replaced on the supervisory board by a new
independent director who is yet to be named.
Steinhoff Africa Retail, which operates African retail stores
including Pep, Poco and Ackermans, is listed on the Johannesburg
Stock Exchange.
Steinhoff International has been embroiled in an accounting
scandal since it disclosed in late 2017 that it had identified
possible irregularities in its books that could affect some $7
billion in assets.
Johannesburg-listed shares in Steinhoff International at 1009
GMT were down 2.7% to 6.40 South African rand ($0.52), while
Steinhoff Africa Retail stocks were up 6.3% at ZAR19.25.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
January 18, 2018 05:31 ET (10:31 GMT)
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