Jayendra Naidoo is latest Steinhoff director to resign
Jayendra Naidoo is the latest Steinhoff International director to resign with immediate effect, the furniture retailer announced on Thursday morning.
Steinhoff said in a statement that the vacancy Naidoo would leave in its supervisory board would be filled by a new independent director to be appointed in due course.
Naidoo would remain chairman of Steinhoff Africa Retail (Star), the South African retailers in the Steinhoff group that were unbundled into a separate JSE-listing in September.
"I am looking forward to focus even more energy on the Star business. My goal continues to be to work with my fellow board members and our various stakeholders to ensure that Star continues to develop as an exceptional business, delivering value to the African consumer and all other stakeholders," Naidoo said the statement.
The reshuffles of Steinhoff’s supervisory and management boards since Markus Jooste resigned as CEO on December 5 amid an accounting scandal included Christ Wiese resigning as chairman on December 15.
Ben la Grange resigned as Star CEO the day after Jooste’s resignation to focus on his other job as chief financial officer of the parent group, but was replaced by Philip Dieperink on January 4.
Bank of America’s quarterly results released on Wednesday included a write-off of $292m attributed to a "a single-name non-US commercial", which is believed to be Steinhoff.
Coming results from JP Morgan Chase and Citigroup are expected to show similar write-offs on their loans to Steinhoff.