Steinhoff shares up amid announcement of new CEO

JOHANNESBURG - Steinhoff shares shot up as much as 17-percent on Monday on the back of news the embattled retailer has appointed a new CEO.

Corporate lawyer and Steinhoff's Commercial Director, Louis du Preez, will replace acting CEO Danie van der Merwe in January - a year after former CEO Markus Jooste quit when news of the multibillion-dollar accounting scandal broke.

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Du Preez will lead the retailer through the final stages of the group's restructuring.

Shares closed 8,2 percent up at its highest level in more than three weeks.

But the counter remains about 96-percent below December 2017 levels.