You are currently viewing our desktop site, do you want to download our app instead?
Moneyweb Android App Moneyweb iOS App Moneyweb Mobile Web App
Join our mailing list to receive top business news every weekday morning.

Steinhoff director Van Zyl quits two days before annual meeting

Van Zyl joined the board in 2016, and is also the chairman and former CEO of Sanlam.
Dr Johan van Syl has resigned from the Steinhoff board. Picture: Moneyweb
Steinhoff International Holdings non-executive director Johan Van Zyl resigned from the board of the troubled retailer just two days before what could be a tempestuous annual shareholder meeting in Amsterdam.

Van Zyl, 61, was appointed the head of a sub-committee responsible for keeping a closer eye on corporate governance in December after the South African retailer reported a hole in its accounts and the share price crashed. He was among a trio of board members who Steinhoff had earmarked for annual bonus payments before lawmakers objected to the plan earlier this month.

Read: Questions that need answering at Steinhoff’s AGM

Van Zyl, the co-chief executive officer of investment group African Rainbow Capital, is stepping down to allow the owner of Conforama in France and Mattress Firm in the US to “build for the future,” he said in a statement Wednesday. The sub-committee he was leading will be dissolved following the appointment of a new supervisory board at Friday’s meeting, he added.

He joined the board in 2016, and is also the chairman and former CEO of insurer Sanlam.

Van Zyl should take some responsibility for how the accounting irregularites came about as he was on the board at the time, David Maynier, the finance spokesman for the opposition Democratic Alliance, said in an emailed statement.

Steinhoff shares have slumped almost 95% since the scandal broke out, wiping more than R179 billion from its market value. The company is in frequent talks with lenders to stay in operation, and is being investigated by regulators and law enforcement agencies in several jurisdictions. The retailer has said accounts dating back to 2015 need to be restated, while CEO Markus Jooste and billionaire Chairman Christo Wiese have quit.

The shares gained 7.5% as of 3:17 pm in Frankfurt.

© 2018 Bloomberg L.P

COMMENTS   15

Sort by:
  • Oldest first
  • Newest first
  • Top voted

You must be signed in to comment.

SIGN IN SIGN UP

JOHAN VAN ZYL… what a mess

What is left of the elite Steinhoff board, are now unraveling fast.
By bailing out at this critical juncture, Johan Van Zyl must have opted to jump ship before even worst trouble at Steinhoff came to the fore.
His stunt at Steinhoff and his bailing will forever tarnish a otherwise very successful career. His chairmanship at Sanlam will unfortunately soon also be in jeopardy. Just wait and see.
Next to run will be Steve Booysen.
What a mess indeed!

No, No, No.

Johan van Zyl is implicated with Mayfair and the latest immaterial Cape Town property deal due to his Sanlam connection. This is great news for Shareholders.

Also, he was “forced” to stay due to the events that took place during December 2017.

I am happy to see the back of him. Another positive.

What about the famous Dr.Len Konar. Accounting professor.Chairman of the board.Sits on a dozen boards. How could he not smell a rat.Was very good at doing a hatchet job on Theo Botha at one of the AGM’s,telling him he was’nt a qualified CA. Why has’nt Moneyweb got a comment from him?? And they want to lecture on corporate governance???

HAHAHAHA Priceless!!!!! Look at the people hanging to this idiots lips..

So where is Len now??

Pity so few people take idiots like him head on..

Still got his other job along with another Johan running a BEE investment co, which manages Patrice’s fortune… handed to him by Sanlam ..of which Johan was the CEO…

…………………….and?

So if a plumber builds up a relationship with a building contractor at the local rotary he is not allowed to take business from the builder?

No, if the plumber uses the resources of the company he runs but doesn’t own to allocate billions to the builder then moves on to take equity and a top job at the builder it’s a little unsavoury

I bought shares in the Patrice Motsepe company on the strength of the jockeys running it. Maybe I made a mistake……

well, his Steinhoff episode and the R800,000,000 personal loan Sanlam advanced Jooste certainly screwed his reputation properly!

One wonders whether other boards he is on are under pressure to arrange exit?

sort of reminds me of the old guy that built harbors and boats and the town hall, but that one incident with a pretty goat, and guess what he is known as : not Savros the ship builder…

Van Zyl’s promising career met a tragic end …. avarice is a cardinal sin.

Exceptionalism exposed as fraudulant and corrupt

End of comments.

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR

Podcasts

NEWSLETTERS WEB APP SHOP PORTFOLIO TOOL TRENDING CPD HUB

Follow us:

Search Articles:Advanced Search
Click a Company: