Steinhoff says CFO Dieperink to step down end of August

The judge acknowledged that a class action would secure ‘the prospect of redress’ for thousands of shareholders, but found the applicant did not have a ‘triable’ case.Picture: Supplied

Chairperson Heather Sonn says the group’s restructuring continues to make good progress and is nearing completion.

Troubled retailer Steinhoff International Holdings said on Monday Philip Dieperink would step down by mutual consent as member of the management board and chief financial officer from August 31.

It said after a handover period, Dieperink, to be succeeded as CFO by current operations director Theodore de Klerk, would leave the Steinhoff group on December 31.

“Theo has been with the group in various positions since 2003 and is well-qualified for the post,” the company said of de Klerk, who will assume his new position from September 1.

Steinhoff has been trying to get back on its feet following the heavy financial fallout from accounting irregularities which came to light in December 2017 and led to the stepping down of former CEO Markus Jooste.

The company said Dieperink, who had agreed to become CFO of the group in January 2018 and was appointed a managing director in April 2018, played an important role in negotiating and finalising the various arrangements to restructure the group’s financial indebtedness.

He also played a key part in finalising both the 2017 and 2018 annual reports of Steinhoff and drafting a remediation plan arising from an investigation by audit firm PwC.

“These projects were key to stabilising Steinhoff and preparing it to move forward to the next phase of its recovery,” the company said on Monday.

Steinhoff chairperson Heather Sonn said the group’s restructuring continued to make good progress and was nearing completion.

“Philip’s efforts and expertise have been invaluable as we faced the challenges of the last eighteen months and we thank him for his guidance and leadership over this period,” Sonn said.

“He will leave the group having accomplished the key objectives set at the time of his appointment.”

Steinhoff advised shareholders and other investors in the company to continue exercising caution when dealing in its securities.

– African News Agency

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