BREAKING NEWS

BREAKING NEWS

Steinhoff says Christo Wiese steps down as chairman

Now Reading:

Steinhoff says Christo Wiese steps down as chairman

Steinhoff says Christo Wiese steps down as chairman
Text size Aa Aa

BERLIN (Reuters) – Retail group Steinhoff <SNHG.DE>, which is fighting for survival following its disclosure of accounting irregularities, said on Thursday that South African tycoon Christo Wiese has stepped down as chairman.

Steinhoff said in a statement that Wiese had offered to resign to reinforce independent governance of the company and that the supervisory board had accepted his resignation “to address any possible conflict of interest that may exist”.

The company said that Heather Sonn, a member of the supervisory board and its independent sub-committee, had agreed to assume the position of acting chairperson, adding that Wiese’s son Jacob had also resigned from the board.​

Steinhoff owns more than 40 retail brands around the world including Conforama, Mattress Firm and Poundland, but its share price has plunged since it announced last week that its chief executive had quit and that it had found problems with its accounts which delayed the reporting of its financial results.

(Reporting by Emma Thomasson; Editing by Susan Fenton)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.