ID NEWS: Ahold appoints new ceo; maturity date of USF securitized receivables extended

Royal Ahold, Zaandam, The Netherlands, has announced a new ceo, at the same time it says that the maturity date of securitized receivables from its U.S. Foodservice (USF) subsidiary has been extended, according to the Wall Street Journal.

Anders Moberg, a former ceo of Swedish furniture retailer Ikea International, will take the Ahold ceo post vacated by Cees van der Hoeven. Van der Hoeven stepped down in February, following revelations of accounting irregularities at USF. Moberg states that he is "convinced that we can get Ahold on the right track again."

Also, the maturity date of securitized receivables from USF has been extended. The company has some 750 million euros in securitized receivables outstanding, of which 300 million euros mature in 2005. The remainder has been extended for 60 days.

Ahold is under pressure to complete a full 2002 audit before the end of June. Auditor Deloite & Touche has recommenced examination of results at two Ahold units, Albert Heihn and Stop & Shop, but has suspended other audits pending Ahold's own internal investigations into the financial irregularities.


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