Steinhoff appoints risk officer

Steinhoff announced in a Stock Exchange News Service (SENS) statement on Friday that it has appointed a chief compliance and risk officer.

Louis Strydom will take up the position as from July 1, 2019. He is a chartered accountant and prior to this appointment, was the leader of PwCs African Forensic Services practice as well as a member of PwCs European, Middle East and Africa Forensic Services leadership team.

He has more than 32 years of experience in the advisory and audit profession. Among others, he was the head of the team that carried out the Steinhoff forensic investigation over the past 15 months and, as such, is very familiar with the group and the risks Steinhoff is facing, according to the statement.

According to Steinhoff, the chief compliance and risk officer will have a dual reporting line, namely to the CEO and to the audit and risk committee.

The group announced previously that it is in the process of developing a remediation plan under the auspices of a supervisory board. As part of the remediation plan, which includes best practice principles, an initial project plan has been produced and the new position of chief compliance and risk officer was created.

Heather Sonn, chair of the supervisory board, said she welcomes the appointment of Strydom as he has an impressive track record and knows Steinhoff well.

"It is crucial that we have a central role to ensure independent risk oversight across the entire group," Sonn said in the statement.