Steinhoff International's Supervisory Board has appointed chairman Christo Wiese as executive chairman on a temporary basis, while Pieter Erasmus, the former CEO of Pepkor Group, has joined Wiese in an executive advisory capacity "to assist with managing the group's various retail interests around the world", the company noted.
The group's brands include Bensons for Beds and Harveys in the UK, Conforama in Europe, Pep and Ackermans in South Africa and Snooze in Australia.
"The supervisory board of Steinhoff wishes to advise shareholders that new information has come to light today which relates to accounting irregularities requiring further investigation", the statement said.
Shares in the South Africa-based company - predominantly a furniture retailer with operations in 30 countries - tumbled 59% when the Frankfurt stock exchange opened for business on Wednesday. The group has been under investigation for suspected accounting irregularities by the state prosecutor in Oldenburg in Germany since the same year.
It is not now clear what "accounting irregularities" the company is referring to in its statement.
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