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From Home Furnishing Business

Steinhoff Interim CEO Quits Amid Accounting Scandal

Mattress Firm parent Steinhoff International (FRANKFURT: SNH) said its chairman and interim CEO, Christo Wiese, has resigned from the supervisory board to avoid a possible conflict of interest in the wake of an accounting scandal that already has caused the resignation of CEO Markus Jooste.

The company said Wiese’s son, Jacob Wiese, also has resigned from the board.

Board member Heather Sonn, a member of the independent sub-committee overseeing the investigation of accounting scandal, has been named acting chairperson, according to a statement from Steinhoff.

Bloomberg News reported that creditors had forced Christo Wiese to sell a portion of his stake in Steinhoff. The shares were being held as collateral, but banks that provided funding for an entity controlled by Wiese had security rights, Bloomberg reported.

Click here to read the Bloomberg story.

In addition to Mattress Firm, Steinhoff’s North American holdings include a majority stake in mattress producer Sherwood Bedding.

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