Pepkor chair Jayendra Naidoo to step down

South African clothing and furniture retailer Pepkor Holdings Ltd said on Wednesday its Chairman Jayendra Naidoo has decided not to seek re-election when his term ends on November 30.

Naidoo has led the board since the company’s listing in 2017 and has played a central role in helping the retailer manage the Steinhoff accounting fraud crisis, and lately the prolonged impact of the Covid-19 pandemic.

Investment firm Lancaster, controlled by Naidoo, is one of many companies in court seeking claims from Steinhoff, which owns a majority stake in Pepkor.

“Given… the current state of litigation involving Pepkor’s major shareholder and a company related to myself, I believe it is appropriate for the next term of three years that the company is led by an independent Chairman,” Naidoo said in a statement.

A process is underway for the appointment of a new chairman, the retailer said.