Dutch shareholder group VEB wants heads to roll at Steinhoff
Dutch shareholder association VEB has pointed out that eight months after the announcement of "accounting irregularities" at Steinhoff wiped out R300bn in investor value, only two executives have left the group. Former CEO Markus Jooste resigned in December, followed by former chief financial officer Ben la Grange in January. Nine members of the Steinhoff supervisory board, which is similar to nonexecutive directorships in SA, left under the cloud caused by the fallout from the "irregularities". Of the nine who have left since January, four have resigned. They are Christo Wiese, Jacob Wiese, Jayendra Naidoo and Thierry Guilbert. Five have retired. They are Claas Daun, Theunie Lategan, Len Konar, Bruno Steinhoff and most recently Johan van Zyl. VEB, which launched a class action against Steinhoff on behalf of shareholders in January, asked the company for an update on executive departures last week. In a letter to the Steinhoff board VEB referred to an undertaking by the board that i...
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