Steinhoff Supervisory Board Member Resigns to Focus on Role in Subsidiary

By FeaturesDow Jones Newswires

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.

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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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