Steinhoff Africa Retail, or STAR, has appointed Wendy Luhabe to its board as independent non-executive director, with effect from 1 January 2019. Steinhoiff International’s shares plummeted around 90 percent on the Johannesburg Stock Exchange and in Frankfurt recently amid an accounting scandal.
STAR has been trying to put some distance between itself and the international wing. It says Luhabe is an experienced leader with a remarkable track record, who has served on the boards of several companies such as the Industrial Development Corporation, Vodacom and the JSE.
Her appointment follows the exit of Ben la Grange, who stepped down as Chief Executive Officer of the company in December 2017.
STAR was established after a decision to separate Steinhoff’s emerging and developed market retail businesses. The group owns retail brands Pep, Ackermans, Tekkie Town, Hifi Corporation, BUCO and Russels among others.