Jayendra Naidoo steps down from Steinhoff supervisory board

Cape Town - Jayendra Naidoo has stepped down from the supervisory board of embattled retailer Steinhoff International, the group announced on Thursday morning. 

In a note to investors Steinhoff said Naidoo had tendered his resignation to focus on his job as chairperson of Steinhoff’s JSE-listed subsidiary Steinhoff Africa Retail Limited (STAR). 

Naidoo, the first executive director of the National Economic Development and Labour Council (Nedlac) in the mid-1990s and co-founder of investment holding company the J&J Group, was appointed to the board in March 2017.

He is also the founder of the Lancaster Group, which has invested in Steinhoff International.

“I am looking forward to focus even more energy on the STAR business. My goal continues to be to work with my fellow board members and our various stakeholders to ensure that STAR continues to develop as an exceptional business, delivering value to the African consumer and all other stakeholders," said Naidoo in a statement. 

His replacement to the Steinhoff board has not yet been announced. 

Heather Sonn, who took over as Steinhoff’s acting chairperson from Christo Wiese in mid-December, said STAR would “continue to be a key part of the Steinhoff group and it is important to have a focused board and management team in place to maximise the potential of the business”.

The Stellenbosch-headquartered global retailer has seen its share price plunge by over 80% since early December, when its former CEO Markus Jooste abruptly quit amid an accounting scandal.

The firm’s books are also being investigated by PwC, and employees linked to it are the focus of an ongoing German criminal investigation.

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