Steinhoff brings in the big gun; but is it a dead cat bounce move

By Stuart Lowman

Embattled retailer Steinhoff, still lingering in the wake of a Markus Jooste-inspired meltdown, is looking to strengthen the top team.

A Steinhoff International Holdings NV logo
A Steinhoff International Holdings NV logo sits on display outside the company’s offices in Stellenbosch.

Paul Copley’s resume includes PwC, Lehman Brothers and Kaupthing EHF — the latter two, however, were victims of the 2008 credit crisis. He is expected to join the supervisory board.

Copley is an insolvency veteran – making him most likely a past master with liquidations. This fact is unlikely to spark confidence in Steinhoff shareholders.

There’s a classic investment term called a ‘dead cat bounce’ — one wonders if Copley has been brought in to lay the cat to rest.