Today's Labour News

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SteinhoffBL Premium reports that it was announced this week by Steinhoff that CFO Philip Dieperink would be stepping down after the 2019 AGM, which is to be held on 31 August.  He is not only retiring as CFO, he will also be stepping down from the management board.  

The somewhat curt tone of the announcement and reference to the move being “by mutual consent” set off a few alarm bells for analysts.  Dieperink, who joined Steinhoff back in 2007, was appointed CFO and a member of the management board in January 2018.  As far as shareholders knew, he was due to remain in those positions until 2022.  The recently released 2018 financial report reveals that the group’s audit and risk committee performed an evaluation of the functioning of Dieperink as CFO, the results of which were not revealed.  It was revealed this week that Steinhoff’s nominations committee went through the process of using an external company to find a new CFO, an exercise rarely completed within a few weeks.  Having identified a number of internal and external candidates, the committee opted for a 16-year veteran of the group.

  • Read the original of the report on the above story at BusinessLive (paywall access only)

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