Steinhoff recruits new UK retail boss
Bensons for Beds and Harveys will have a new boss later in the summer.
Stuart Machin will become ceo of Steinhoff’s UK retail home and housewares division in August, reporting to Steinhoff International’s chief operating officer Danie Van der Merwe, according to reports.
Machin has worked in Australia for several years, where Steinhoff has several furniture brands, after time at Asda.
He helped turn around struggling supermarket chain Coles from 2008 to 2013 before moving to run sister chain Target.
However in April 2016 parent Wesfarmers began investigating a number of Target executives over allegations that the retailer requested rebates from as many as 30 overseas suppliers on the promise that those excess payments would then flow back in the form of higher prices.
It is believed these rebates, paid in the first half but then returned to suppliers in the second half, or later, helped boost up Target’s first-half profit by as much as 25%, after years of disappointing results. Although it is not believed Mr Machin orchestrated or ordered the accounting irregularities, he resigned.
Target finance director Graeme Jenkins also left Target as the investigation became public and his job offer of cfo at Pets at Home was withdrawn.