Steinhoff appoints new CEO

Steinhoff's acting CEO Danie van der Merwe will be replaced by Louis du Preez.

Steinhoff has appointed its commercial director Louis du Preez (pictured) as CEO to replace Danie van der Merwe, the company announced on Monday.

Steinhoff said that Danie will be stepping down at the end of December.

Danie was promoted from COO to acting CEO on December 19, two weeks after the announcement of accounting irregularities and the resignation of CEO Markus Jooste.  This sent Steinhoff’s share price plummeting by more than 90 percent since December 2017.

Steinhoff chair Heather Sonn said in the statement that Danie’s “tireless” contributions to the retailer means that “the underlying operational businesses have been refinanced, where required, and continue to trade.”

Louis joined Steinhoff in June 2017 and was previously a director at law firm Werksmans. He has experience in restructuring, mergers and acquisitions, banking and business rescue.

“[Louis] Du Preez brings a wealth of commercial and corporate experience to the role of CEO from his successful legal career. Having led the negotiations of the complex restructuring process since joining the management board earlier this year, he has also developed good relations with the group’s key stakeholders and a deep knowledge of the group’s global operations,” said Heather.

“He is the ideal candidate to lead the company through the final stages of the restructuring and into the next phase of its development, and his designation as CEO will provide important continuity for the group and all of its stakeholders.”