Cape Town - Steinhoff International executive chairman and founder Bruno Steinhoff will step down to be replaced by an independent chairman, as the diversified group moves to improve its corporate governance.
With the appointment of a new chairman, along with the recent appointment of Yolanda Cuba and Dave Brink as independent directors, this would transform the board into a majority non-executive structure, the firm said yesterday.
Last year the JD Group said its executive chairman, David Sussman, planned to step down to be replaced by an independent chairman.
Amalgamated Appliance Holdings, in which Steinhoff International owns a 26.7 percent stake, also announced recently that executive chairman Jack Cohen had resigned. Steinhoff International said that in line with good
corporate governance, the resignation had been agreed.
Marcus Jooste, the chief executive of Steinhoff International, said that there had been no shareholder pressure for the appointment of an independent chairman.
Meanwhile, the firm said average operating margins had improved to 9.6 percent in the half-year to December, compared with 8.5 percent in the same period the previous year.
The share price dropped 2.82 percent to R17.20, while the sector was unchanged.