Scandal-hit Steinhoff names acting CEO ahead of meeting with lenders
South Africa's Steinhoff appointed COO Danie van der Merwe as acting CEO on Tuesday ahead of a meeting with lenders as the retailing conglomerate grapples to contain an accounting scandal.
The owner of brands such as Mattress Firm, Conforama and Poundland has seen its market value plunge by more than $10-billion in the past three weeks after it disclosed what it called "accounting irregularities" and longtime CEO Markus Jooste resigned.
Van der Merwe, a two-decade company veteran, is Steinhoff's third chief executive in as many weeks. Top shareholder Christo Wiese had stepped in to replace Jooste but abruptly resigned as chairman and de facto CEO last week.
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. Steinhoff has said its 2016 consolidated financial statements can no longer be relied upon and will have to be restated.
Shares in the company were up 11% in Johannesburg and up almost 8% in Frankfurt as of 12:19 GMT.
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