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Struggling retail giant Steinhoff has appointed Richard Heis as chief restructuring officer charged with the task of returning it to stability.
Steinhoff is looking to recover from the fallout of an accounting scandal which prompted an 85% fall in its share price wiping more than $10bn (£7bn) off its market capitalisation.
In January Steinhoff said it wanted to appoint an “independent debt restructuring expert” to stabalise its financial affairs.
Heis was previously global Head of restructuring at London based KPMG and has some 25 years’ experience restructuring complex and international groups.
Heather Sonn, acting chairperson of the company, said: “We are delighted that Richard has agreed to join the group at this critical time and we are sure that his expertise and experience will bring significant benefit to the group as Steinhoff develops a plan to address the group’s financial indebtedness.”
The retailer whose more than 40 brands include Britain’s Poundland, also announced that it will hold its annual shareholders meeting in late April, where it will discuss boardroom appointments.
However it stated that the proposed adoptions of financial statements would not be put to shareholders as the investigation by PwC continues.
