Edit

ID NEWS: Most of Ahold supervisory board reportedly to quit

Most of the supervisory board of Royal Ahold, Zaandam, The Netherlands, including supervisory board chairman Henny de Ruiter, will quit at the end of October, according to a Dutch publication quoted by Reuters via Frozen Express.

De Ruiter will step down after shareholders approve final 2002 figures, says Het Financieele Dagblad, the daily that was quoted. In addition, according to the paper's "informed source," other supervisory board members seen as responsible for Ahold's problems will step down. Of the non-executive board's eight members, only the two most recently appointed executives reportedly will remain in place: Jan Hommen, Philips cfo, and Karel Vuursteen, ex-Heineken ceo.

Since February, Ahold has been grappling with crises that include, most notably, the overstatement of more than $800 million in profits over several years by Columbia, MD, based U.S. Foodservice.
. . . . .
For news analyses and all market intelligence to help you grow your customers' business, sign up for ID Report by visiting:
http://www.idmagonline.com/idmagazine/mgmt_report_signup.jsp

Trending

More from our partners