Pepkor chair Jayendra Naidoo to step down

Pepkor Holdings chair Jayendra Naidoo stepping down at the end of his term on 30 November.

On 18 November South African clothing and furniture retailer Pepkor Holdings announced that its chairman, Jayendra Naidoo, has decided not to seek re-election when his term ends on 30 November.

He has led the board since the company listed on the JSE in 2017, and played a key role in helping the retailer manage the Steinhoff accounting fraud crisis, and lately the prolonged impact of the Covid-19 pandemic.

Investment firm Lancaster, controlled by Jayendra, is one of many companies in court seeking claims from Steinhoff, which owns a majority stake in Pepkor.

“Given the current state of litigation involving Pepkor’s major shareholder and a company related to myself, I believe it is appropriate for the next term of three years that the company is led by an independent chairman,” Jayendra said in a statement.

The retailer indicated that the process for the appointment of a new chairman is underway.