The embattled company's chairman has quit the board after a corruption scandal was revealed which led to the loss of billions.
Steinhoff has issued a statement announcing the resignation of its chairman, Christo Wiese.
The company has faced a huge loss after almost R300 billion was lost following a financial statement mismanagement scandal which emerged last week.
The CEO, Markus Jooste resigned and took responsibility for the company’s accounting irregularities which saw government pensions plunge and a knock down effect on the market.
According to Reuters, Steinhoff said ‘Heather Sonn, a member of the supervisory board and its independent sub-committee, had agreed to assume the position of acting chairperson, adding that Wiese’s son Jacob had also resigned from the board.’
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