Steinhoff’s Chairman resigns amidst Dark Clouds over the Controversial firm

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Christo Wiese, Chairman of the board and interim CEO of under fire Steinhoff has proposed his resignation amidst the controversies going around the multinational firm. As per the reports published in Africa 24*7 website, Weise tendered to resign from the company’s Supervisory Board in a securities exchange declaration. Though the company did not specify if Weise will reside on as interim CEO, in their announcement, it’s still very unlikely that he will keep on with his designation amidst the conflict of interest issue highlighted by the company.

Christo Wiese Steinhoff

In an official statement released by the company, it’s been quoted that, “Dr Wiese made this offer in order to reinforce the independent governance of the company of which he is a major shareholder. The Supervisory Board, on the advice of the independent committee of the Supervisory Board, has accepted his resignation to address any possible conflict of interest that may exist. Dr Wiese has offered to provide any ongoing assistance that may be required by the company. The Supervisory Board would like to use this opportunity to thank Dr Wiese for his contribution to the Company and wish him well in his future endeavors. Ms Sonn will remain a member of the independent committee together with the other two members, Johan van Zyl and Dr Steve Booysen. The Supervisory Board acknowledges Mr. Wiese’s contribution to the company and his offer of ongoing assistance. Shareholders and other investors in the company are advised to exercise caution when dealing in the securities of the group”.

It’s worth mentioning here that Steinhoff’s CEO, Markus Jooste has already resigned two weeks back under the allegations of tax fraud and corruption. Moreover, company’s share price has doomed down to all time lows after a series of investigation initiated by German authorities on illicit accounting and tax fraud charges.