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Pepkor name is back as Star tries to shed Steinhoff stain
Steinhoff Africa Retail (Star) is planning to distance itself from its scandal-ridden parent by changing its name back to the original Pepkor. Star also said on Tuesday it was considering joining the long list of claimants suing Steinhoff Holdings as it sought to recoup costs associated with the R500m provision it had made to bail out a management incentive scheme, set up for 44 executives, that was tied to the Steinhoff share price, which plunged more than 90% after it admitted “accounting irregularities” in December. CEO Leon Lourens said the incentive scheme, which was set up in 2011 when the company was known as Pepkor, was forced to exchange its Pepkor shares for Steinhoff shares in 2015. "We weren’t offered the opportunity to stick with Pepkor, we had to convert," Lourens said. He said the conversion was decided by the major shareholder [Christo Wiese] and that Steinhoff had also wanted management to be invested in Steinhoff rather than Pepkor. In an interview with Business Da...
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