ROB ROSE: Markus Jooste goes stalingrad
While the former CEO of Steinhoff initially admitted to ‘mistakes’, his strategy has shifted. Now he plans to use every technicality he can find
There were, as you might imagine, some rather alarming features in Markus Jooste’s response to Steinhoff’s legal bid to claw back R850m paid to him in salaries and bonuses while he was CEO. But what stood out, in particular, was Jooste’s gobsmacking response to Steinhoff’s claim that those payments had hinged on the "sound and successful financial performance" of the company.
Steinhoff had argued in its precedent-setting legal action — quite logically, you’d imagine — that "approval of long-term incentives would not have been sought at AGMs … in the absence of sound and successful financial performance" of the furniture retailer...