SNH: STEINHOFF INTERNATIONAL HOLDINGS N.V. - Supervisory Board Change
Supervisory Board Change
Steinhoff International Holdings N.V.
(Incorporated in the Netherlands)
(Registration number: 63570173)
Share Code: SNH
ISIN: NL0011375019
Steinhoff - Supervisory Board change
Steinhoff International Holdings N.V. (the "Company" or "Steinhoff" and, together with its
subsidiaries, the "Group")
Steinhoff announce that Johan van Zyl, a member of the Supervisory Board of Steinhoff, has,
notwithstanding indications that he has sufficient support to be appointed at the AGM on 20
April 2018, decided to withdraw his candidacy for election to the Steinhoff Supervisory Board
and has resigned his position as Supervisory Board member of the Company with immediate
effect.
As a consequence of Mr. van Zyl´s decision, the resolution in respect of his reappointment will
not be put to shareholders at the AGM.
Ms. Heather Sonn, acting chairperson of the Supervisory Board of Steinhoff, commented, "on
behalf of the Supervisory Board I would like to thank Johan for his tremendous contribution and
commitment in assisting the Company through an extremely challenging period. We wish
Johan all the best for the future".
Danie van der Merwe, acting CEO of Steinhoff, added "on behalf of the Management Board,
I would like to thank Johan for his invaluable contribution and unselfish hours and effort during
the crisis period to help the Group to survive. His clear directives and wisdom will be missed."
Mr van Zyl commented "My decision to resign before the AGM is the result of the Company
now building for the future, confidence following the board meeting with the Supervisory
Board nominees in attendance and the fact that the Independent Committee, which I chair,
has finished its work and is no longer required with the imminent appointment of the new board
members. I have thus completed my assignment on the Board and fulfilled my commitment
to major shareholders of the company.
While I initially wanted to resign from the Supervisory Board in December 2017, there was a
need for me to chair the newly established Independent Committee to provide leadership
during the initial liquidity crisis following the resignation of the CEO and other prominent
Supervisory Board members. Major shareholders also implored me to provide continuation on
the board. While my current board term only expires in 2019, I nonetheless put myself up for re-
election to test the confidence of the shareholders in the current circumstances.
Having helped to recruit the nominees for the Supervisory Board, and with their nominations
being voted on at the Steinhoff AGM set for Friday, 20 April 2018, my role as chairman of the
Independent Committee is no longer necessary as this committee will be abolished following
the successful appointment of a new Supervisory Board. Also, seeing the proposed candidates
in action, inspires the necessary confidence in me that the board is now sufficiently
independent to fulfil its functions into the future.
My thanks go to the board members with whom I have worked for nearly two years, and my
best wishes go to the new board that will be elected on 20 April. In particular, I want to thank
Heather Sonn and Steve Booysen, the two other members of the Independent Committee.
We worked closely to pull the company through its initial crisis. I have come to appreciate their
courage, competence and commitment to doing the right thing in the interest of the
company under difficult circumstances. I have full confidence in the candidates up for
election as Supervisory and Management Board members and wish them well. I will of course
be available to assist the Board in any enquiries, as may be required and appropriate."
JSE Sponsor: PSG Capital
Stellenbosch, 18 April 2018
Date: 18/04/2018 03:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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2018-04-18
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Steinhoff International Holdings NV published this content on 18 April 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 18 April 2018 13:31:08 UTC