Steinhoff: replaces its CFO
(CercleFinance.com) - The situation of Steinhoff International, the German specialist distributor which is plagued by accounting fraud, is struggling to improve.
The parent company of Conforama yesterday announced a new change in its management team: the replacement of its financial director.
Remember that the CEO in the middle of this scandal, Markus Jooste, had resigned. The group's main shareholder, Christo Wiese, had initially taken over the position in the interim, before standing down, before Christmas, with Danie van der Merwe taking charge, flanked by Alexandre Nodale as deputy, and Louis Du Preez as commercial director.
Yesterday, Steinhoff's CFO, Ben La Grange, resigned with the accounts of the current and previous fiscal years now being re-examined. He will be replaced by Philip Dieperink, who will at the same time remain the financial director of Steinhoff UK, the group's UK subsidiary.
Despite a 77% rise in Frankfurt this year - which is hardly noticeable after the stock's 93.5% collapse last year - Steinhoff remains in a delicate situation. At this stage, investors still do not know how many years back the group's accounts will have to be revised," said Aurel BGC analysts this morning.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The parent company of Conforama yesterday announced a new change in its management team: the replacement of its financial director.
Remember that the CEO in the middle of this scandal, Markus Jooste, had resigned. The group's main shareholder, Christo Wiese, had initially taken over the position in the interim, before standing down, before Christmas, with Danie van der Merwe taking charge, flanked by Alexandre Nodale as deputy, and Louis Du Preez as commercial director.
Yesterday, Steinhoff's CFO, Ben La Grange, resigned with the accounts of the current and previous fiscal years now being re-examined. He will be replaced by Philip Dieperink, who will at the same time remain the financial director of Steinhoff UK, the group's UK subsidiary.
Despite a 77% rise in Frankfurt this year - which is hardly noticeable after the stock's 93.5% collapse last year - Steinhoff remains in a delicate situation. At this stage, investors still do not know how many years back the group's accounts will have to be revised," said Aurel BGC analysts this morning.
Copyright (c) 2018 CercleFinance.com. All rights reserved.