In order to push through its current troubles, Steinhoff International said it has appointed Richard Heis, a former restructuring head at KPMG to lead the role in the company.
Steinhoff has been rocked by an accounting irregularity scandal that has depleted the company’s share price by more than 60% of its market value and a major shakeup in its board.
“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,” acting chairwoman Heather Sonn said in a statement.
According to his profile from KPMG, Richard is a Partner and Non-Executive member of the UK Board. Richard joined KPMG in 1983 and became a Partner in 1997. He specialises in financial sector insolvencies, complex cross-border assignments, and all forms of restructuring and insolvency.
Richard was appointed building society special administrator of Dunfermline Building Society in the first use of the Special Resolution Regime introduced by the Banking Act 2009. He also leads the Special Administration of MF Global, the first use of The Special Administration Regime for Investment Banks.
It is apparent that Richard Heis has his job cut out for him as the future for Steinhoff looks more challenging. The company will further strive to wriggle out of the accounting scandal and launder its image in the long term.