Steinhoff shares plunge as the idea delays results as well as also CEO quits

A Steinhoff International Holdings NV logo sits on display outside the company's offices in Stellenbosch, South Africa, on Wednesday, Aug. 17, 2016.

Waldo Swiegers | Bloomberg | Getty Images

A Steinhoff International Holdings NV logo sits on display outside the company’s offices in Stellenbosch, South Africa, on Wednesday, Aug. 17, 2016.

The company said late on Tuesday in which Chief Executive Markus Jooste had resigned with immediate effect after the discovery of fresh information prompted the company’s supervisory board to ask consultants PwC to perform an “independent investigation”.

“The Supervisory Board of Steinhoff wishes to advise shareholders in which fresh information has come to light today which relates to accounting irregularities requiring further investigation,” the idea said in a statement.

The furniture retailer postponed its results announcement as well as also a webcast scheduled for Wednesday until further notice.

Jooste had been at the helm of Steinhoff for nearly 20 years as well as also oversaw its expansion by a furniture supplier received a in South Africa to one of the largest household goods retailers from the globe.

Billionaire Christo Wiese, Steinhoff’s largest shareholder as well as also chairman, will take over in an executive capacity on an interim basis.

Steinhoff, which has its primary listing in Frankfurt, said Wiese might “embark on a detailed review of all aspects of the company’s business having a view to maximising shareholder value”.

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