Steinhoff announced the appointment of Louis du Preez as their new CEO on Monday.
Louis du Preez, currently the commercial director at Steinhoff, will be replacing Danie van der Merwe who is stepping down as the company’s CEO with effect from the end of December 2018.
Danie will stay with the group until 1 December 2019 to assist Louis and the management board.
Louis joined Steinhoff in 2017 as general counsel. After the resignation of former CEO Markus Jooste, Steinhoff changed its management and Louis was nominated as commercial director and member of the management board.
Heather Sonn, chairperson at Steinhoff, said that Louis had developed good relations with the group’s key stakeholders and has a deep knowledge of Steinhoff’s global operations.
“He is the ideal candidate to lead the company through the final stages of the restructuring and into the next phase of its development and his designation as CEO will provide important continuity for the group and all of its stakeholders.”
The announcement of the new appointment caused Steinhoff’s share price to gain almost 17 percent. It closed 8.2 percent up at R1.98, its highest level in more than three weeks.