Steinhoff says Christo Wiese to step down as chairman
Wiese’s son Jacob has also resigned, while Heather Sonn will take the role of acting chairwoman
Steinhoff International chairman and largest shareholder, billionaire Christo Wiese, is stepping down from the supervisory board following the accounting scandal that has engulfed the retail giant. The board accepted Wiese’s resignation to resolve questions of conflict of interest, the owner of furniture chains such as Mattress Firm in the US and Conforama in France said in a filing on Thursday. Heather Sonn, a member of the board and its independent subcommittee, will take the role of acting chairwoman. The resignation comes a day after Steinhoff said its accounting errors stretch back into 2016, highlighting the extent of wrongdoing at the retailer that has led to a more than 80% stock slump since the beginning of last week. The retailer is due to meet with banks to try to navigate a way out of its crisis, which has wiped more than €10bn off the value of the company. At stake is the future of a retailer with about 130,000 employees and international brands that also include UK dis...
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