due to’ hostile and personal’ campaign against them.
Bernard Mostert, the CEO of Steinhoff Africa Retail’s (Star) speciality fashion and footwear division, which includes Tekkie Town, has resigned with immediate effect, and has been joined by the division’s chief operating officer, Dawie van Niekerk.
"It has become completely impossible for us to manage the business in a way that is true to our own personal values and the performance we have and would like to deliver," Mostert told Business Day via phone on Tuesday morning
Mostert confirmed the relationship with the rest of the Star executive came under stress as animosity developed between the Star senior leadership and Braam van Huyssteen, the founder of Tekkie Town. Earlier this year, Van Huyssteen resigned from his position as chairman of the property and speciality divisions at Star over a dispute with his employment contract.
"The main reason we are walking away is because of the exceptionally hostile and personal campaign the Star hierarchy have waged against Dawie and myself in order to undermine us, just by virtue of our association with Braam [van Huyssteen]. It was abundantly clear to us that the whole process unfolding between them and Van Huyssteen was an agenda to settle a personal score and we always wanted to avoid that.
"Our guidance and advice to them regarding how the situation could be amicably handled was not taken into account. In fact, they deliberately did the opposite, with the result that it has now started to affect the business. Dawie and I both share the view that you do not accept a pay cheque from someone you do not trust and who [does] not have the best interests of the business at heart."
The previous owners of Tekkie Town have been at loggerheads with Steinhoff and Star since January, as they watched the value of Steinhoff shares plummet in the wake of accounting irregularities. They had received payment for the acquisition of Tekkie Town by way of Steinhoff shares, which included a lock-up period of a number of years, which precluded them from selling their shares.
In addition, Mostert and Van Huyssteen brought an application in the Western Cape High Court a few weeks ago requiring Star to recognise and reinstate the terms of a bonus scheme they say was agreed to by Steinhoff at the time of the acquisition, a position that appears to have been reversed by Star this year. Van Huyssteen had previously attributed the strong performance of the speciality division in Star’s interim numbers to the existence of the bonus scheme, which had motivated the management team.
When asked if the two would be joining Van Huyssteen to start a rival to Tekkie Town, Mostert said: "At this stage, we are going to take time out and assess our options. It’s been exhausting being caught in the middle of this unfolding fight, and we are not going to take any decisions in the short term."
Quelle: www.businesslive.co.za/bd/companies/...campaign-against-them/