NATIONAL NEWS - Danie van der Merwe’s decision to step down as Steinhoff’s acting CEO is long overdue, says James-Brent Styan, author of the bestselling book Steinhoff: Inside SA’s Biggest Corporate Crash (LAPA Publishers). “It will help Steinhoff to try and recover investor confidence,” says Styan, who is a qualified accountant and a former business reporter.
Steinhoff announced on Monday 19 November that Van der Merwe will be stepping at down the end of December.
He was chief of operations when he took over from Markus Jooste, former CEO, who resigned in December 2017 in the midst of the group’s spectacular financial meltdown.
“Van der Merwe was Jooste’s wingman for years and served with him on Stienhoff’s management board. He was too close to Jooste for him to be able to instill any confidence in investors now. It’s better for the group that he goes. If Steinhoff wants any chance of surviving this epic disaster, it will have to do everything in its power to win back the trust of investors and the public.”
Steinhoff: Inside SA’s Biggest Corporate Crash tells the astounding tale of the biggest financial crash in the history of South Africa. The book has consistently been a best seller on the Nielsen’s Lists since its release.
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