Steinhoff paid ex-CEO R5m for 2018 fiscal year, Pepkor says

Steinhoff paid former Chief Executive Officer Markus Jooste about R5 million for the two months he worked for the South African company in fiscal 2018, before he quit suddenly amid an accounting scandal.

The payment was disclosed in a report published Thursday by Pepkor, a clothing retailer with more than 5 200 stores that was spun off by Steinhoff in 2017.

Danie van der Merwe, who took over from Jooste on an acting basis, was paid about R24.3m for the year through September, including a retention or deferred bonus of R8.3m.

Steinhoff shares collapsed after disclosing financial irregularities 14 months ago, and the owner of brands such as Conforama in France and Mattress Firm in the US has been selling assets and negotiating with lenders to stay afloat. It’s yet to report audited earnings for fiscal 2017 and 2018, with PwC still working on a report into inflated profits and off-balance-sheet deals.

While Jooste has been the face of the Steinhoff scandal and has been referred by the company to a South African police unit, he told lawmakers in September he wasn’t aware of accounting irregularities under his leadership.

He quit because the board disagreed with his plan to find new auditors to sign off on the financials, he said at the time.

The ex-CEO was paid R122m in salary and bonuses in the year through September 2017.

In April, Steinhoff shelved a plan to pay bonuses to the directors striving to rescue the company after pressure from lawmakers.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
Rand - Dollar
15.80
+1.1%
Rand - Pound
19.39
+0.0%
Rand - Euro
16.68
-0.1%
Rand - Aus dollar
10.97
+0.0%
Rand - Yen
0.12
-0.0%
Gold
1,827.37
0.0%
Silver
21.15
0.0%
Palladium
1,880.50
0.0%
Platinum
911.50
0.0%
Brent Crude
113.12
+2.7%
Top 40
59,993
+1.6%
All Share
66,349
+1.6%
Resource 10
64,422
-0.2%
Industrial 25
76,590
+2.6%
Financial 15
15,623
+1.9%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot