Christo Wiese quits as Brait SA chairman and New Look director
The former Steinhoff chairman will remain on Brait’s board, but is giving up the chair of Brait SA, as well as his seat on the troubled UK retailer’s board, due to ‘time constraints’
Christo Wiese resigned from the board of Brait’s UK retailer New Look on Tuesday, Brait said on Wednesday morning.
Wiese will remain a nonexecutive director of Brait, but resigned as chairman of Brait SA, which acts as the group’s corporate adviser.
Brait’s overall chairman is former deputy finance minister Jabu Moleketi.
Wiese’s resignations from his positions in Brait follow his resignation on December 15 as chairman of Steinhoff International in the wake of its accounting scandal.
Brait said the chairman of its audit committee, Chris Seabrooke, would replace Wiese on the board of New Look and as chairman of Brait SA.
Seabrooke was also appointed a nonexecutive director of Brait’s other subsidiaries, Virgin Active, Premier and Iceland Foods.
Brait said Wiese had notified its board he intended retiring, effective on May 8, from New Look and Brait SA "due to time constraints".
The investment holding company, which is about 35% owned by Wiese, said in its interim results for the six months to end-September that it was writing the value of New Look down to zero "until such time as its turnaround strategy has taken shape".
"The 26-week period ending September 23 reflects a disappointing performance, suffering from a combination of challenging market conditions and a number of self-inflicted issues," Brait said in its interim results.
"Group revenue in pounds decreased by 4.5% on the comparative period, with group like-for-like sales declining by 8.6%. UK like-for-like sales decreased by 8.4%."