Embattled retail giant Steinhoff has appointed a new chief executive after two bosses resigned in a matter of weeks.
The company, which owns Poundland and Bensons for Beds in the UK, is at the centre of an accounting scandal which has caused its shares to fall almost 90 per cent since the end of November.
But today shares bounced more than 10 per cent after it said it had hired Heather Sonn as acting chair of the company, while chief operating officer Daniel Maree van de Merwe has stepped up to act as chief executive.
The news came after retail investor Christo Wiese became the second boss to step down last week. Wiese, a majority shareholder of the company, resigned as chairman on Thursday in an effort to reinforce independent governance at the company.
At the beginning of this month shares plummeted following the departure of chief executive Marcus Jooste, which came after the company appointed PwC to investigate accounting irregularities.