South African retailer Steinhoff said on Friday that Philip Dieperink will step down as chief financial officer and will be replaced by Theodore de Klerk effective 1 September 2019.

The company said Dieperink would leave by mutual consent after the 2019 annual general meeting.

In June 2019,  Steinhoff reported a $1.3-billion loss for the 2018 fiscal year, in a much-delayed earnings report revealing the impact of an accounting fraud put at $7.3 billion.

Steinhoff is also listed in Frankfurt, Germany.

The company delayed the results after finding holes in its accounts in December 2017 –  shocking investors who had backed its reinvention from a small South African furniture outfit into a discount furniture retailer straddling four continents.

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