https://www.engineeringnews.co.za

Steinhoff appoints Louis du Preez as new permanent CEO, shares soar

19th November 2018

By: Reuters

  

Font size: - +

Steinhoff's commercial director Louis du Preez will take over as the new permanent CEO, sending its shares soaring more than 16 percent on Monday.

Du Preez will replace acting CEO Danie van der Merwe who will step down at the end of December, a year after the retailer revealed multi-billion dollar holes in its balance sheet.

Steinhoff's former permanent CEO Markus Jooste, who resigned after the scandal broke, is being investigated over the crisis that wiped more than 90 percent off Steinhoff's market value and forced it to sell assets to fund working capital.

Steinhoff in October asked creditors for a one-month extension relating to its debt restructuring as it negotiates documents required to implement the plan. About 85 percent of creditors supported the extension.

Steinhoff's shares traded 13.66% higher at R2.08 by 11:51 GMT.

"It is not too surprising who they have gone for given his role in driving the restructuring and this would be seen as a positive," said Mark Hodgson, equities trader at Avoir Capital Markets.

Edited by Reuters

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Alco-Safe
Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 
Egoli Gas (Pty) Ltd
Egoli Gas (Pty) Ltd

As a reticulator, Egoli Gas provides natural gas to homes and businesses via underground pipes.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.051 1.129s - 141pq - 2rq
Subscribe Now