Naidoo’s departure may signal a wave of change at Steinhoff
Jayendra Naidoo resigns from board to focus on his role as chairman of the retailer's JSE-listed subsidiary, Steinhoff Africa Retail Limited
The resignation of Jayendra Naidoo from Steinhoff's star-studded board this week may be a sign that calls for new blood are being heard. But the company's troubles persist, with the group saying on Thursday that despite measures to stabilise it and support from its lenders, it still requires ?200-million (about R3-billion). Commenting on Naidoo's departure, Zwelakhe Mnguni, chief investment officer at Benguela Global Fund Managers, said: "I think it is positive. [It] gives more opportunity for independent people to sit on the board." Naidoo, who is also the founder of the Lancaster Group, described as Steinhoff's empowerment partner, resigned on Thursday to focus on his role as chairman of the retailer's JSE-listed subsidiary, Steinhoff Africa Retail Limited. He will be replaced by a new, independent director. Mark Hodgson, an analyst at Avior Capital Markets, said he would not read too much into Naidoo's resignation, with STAR being his priority in the future, but agreed it signall...
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