Steinhoff finance chief steps down to focus on improving liquidity
Steinhoff said after the JSE’s close on Thursday that Ben la Grange had stepped down as finance chief to focus on shoring up liquidity within the beleaguered retailer, which said "significant near-term liquidity" was still needed. Steinhoff said La Grange had vacated his role "to focus on the preservation and procurement of liquidity" and to finalise the group’s audited 2017 financial statements, which have been delayed due to "accounting irregularities". The group said it was looking for a "chief restructuring officer" in the form of an external independent debt-restructuring expert. Further, Johan Geldenhuys, who has been with the group since 2010, will join the executive committee as head of treasury. Steinhoff said its talks with funding partners were continuing. "While the group has achieved some degree of stabilisation in its operating businesses, significant near-term liquidity is still required in certain of the business units." Prior to the announcement, shares in Steinhoff...
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