South African tycoon Christo Wiese resigned on Thursday as chairman of Steinhoff, following its accounting scandal.
Two weeks ago Wiese was appointed as the Acting Chief Executive Officer of the company.
Portfolio manager at Ashburton Investments, Wayne McCurrie says this has left some confusion and uncertainty over his role in the company.
I think he is also standing down as Chief Executive Officer, but I am not sure about that and there was no official announcement on that. The conflict doesn't change just because he is no longer chairman.— Wayne McCurrie, Portfolio manager at Ashburton Investments
The company share price is down again, however McCurrie says this has nothing to do with the resignation.
Until we get more details on the liquidity of the company and the underlying problem, and the extent of the problem, I think the share can go 50% up, 50% down trading range for a while.— Wayne McCurrie, Portfolio manager at Ashburton Investments
Click on the link below to listen to McCurrie's analysis of the company's place in the markets....