Steinhoff shares plunge 60% as CEO Markus Jooste quits
The retailer has warned it may need to restate past financial results, and Ben la Grange, the CEO of recently unbundled Star has also just resigned
Steinhoff International CEO Marcus Jooste resigned on Tuesday night, and the release of the company's full-year results - originally scheduled for Wednesday - has been delayed indefinitely. The CEO of recently unbundled Steinhoff African Retail (Star), Ben la Grange, has also resigned with immediate effect but will remain as a nonexecutive director on Star's board. The JSE's director of issuer regulation John Burke told Reuters the bourse was in talks with Steinhoff to get answers on the investigation of possible accounting irregularities. Steinhoff''s share price crashed 61% to R17.56 shortly after the JSE opened at 9am from Tuesday's R45.65 closing price. In Frankfurt, Steinhoff similarly crashed 52% to €1.42. Star's share price fell 29% to R17.55 on Wednesday morning following the announcement of Jooste's departure. The share price of KAP Industrial, the former manufacturing arm of Steinhoff, fell 14% to R7.45. Steinhoff's chairman, retail tycoon Christo Wiese, alongside former ...
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