Embattled retailer Steinhoff has announced that its current chief financial officer (CFO), Ben la Grange has stepped down from his position and as a member of the Management Board “to focus on the preservation and procurement of liquidity in the group, in addition to the finalisation of the company’s audited 2017 consolidated financial statements and comparative statements”.
The company said on Tuesday that while the internal review of the accounting irregularities by Steinhoff’s management team and the PwC investigation are progressing, the timeline for completion remains uncertain.
In December, shares in the company fell as much as 80% following the resignation of the company’s CEO, Marcus Jooste, amid allegations of accounting irregularities.
It said on Tuesday that it would have to reinstate its financial statements for 2015 through to 2017 as its prior statements could ‘no longer be relied upon’.
On 19 December 2017 Steinhoff announced what it termed ‘the strengthening of the Management Board through the designation of Danie van der Merwe as acting chief executive officer (CEO) and the nominations of Alexandre Nodale as deputy CEO, and Louis Du Preez as commercial director.
It said on Thursday that Philip Dieperink will replace la Grange as acting CFO pending formal appointment to the Management Board of the company. “Philip has been with the group in various CFO positions since 2001, and will remain as the CFO of Steinhoff UK.
“The nomination of Philip Dieperink will be submitted to the general meeting of the Company for appointment in due course.”
Steinhoff said it also intends to appoint an external independent debt restructuring expert (a chief restructuring officer), “to assist with these matters”, adding that a process to identify such person is underway.