Johan van Zyl. Picture: RUSSELL ROBERTS
Johan van Zyl. Picture: RUSSELL ROBERTS

Steinhoff International Holdings’ non-executive director Johan van Zyl resigned from the board of the troubled retailer just two days before what could be a tempestuous annual shareholder meeting in Amsterdam.

Van Zyl was appointed the head of a sub-committee responsible for keeping a closer eye on corporate governance in December after the retailer reported a hole in its accounts and the share price crashed. He was among a trio of board members who Steinhoff had earmarked for annual bonus payments before lawmakers objected to the plan earlier this month.

Van Zyl, the co-CEO of investment group African Rainbow Capital, is stepping down to allow the owner of Conforama in France and Mattress Firm in the US to "build for the future", he said in a statement on Wednesday. The sub-committee he was leading will be dissolved following the appointment of a new supervisory board at Friday’s meeting, he added.

He joined the board in 2016, and is also the chair and former CEO of Sanlam.

Steinhoff shares have slumped almost 95% since the scandal broke out, wiping more than €12bn from its market value. The company is in frequent talks with lenders to stay in operation, and is being investigated by regulators and law enforcement agencies in several jurisdictions.

The retailer has said accounts dating back to 2015 need to be restated, while CEO Markus Jooste and billionaire chair Christo Wiese have quit.

The shares gained 7.5% as of 3.17pm in Frankfurt.