Ahold in fresh bid to restore credibility

Link: Ahold appoints corporate governance expert

Its non-executive chairman Henny de Ruiter is set to quit at the next shareholders meeting, scheduled for October while its chief executive, Anders Moberg, has agreed to give up his guaranteed severance pay and link his hitherto fixed bonus pay to his performance, according to reports.

The move follows angry calls from investors for the board to take responsibility for the huge accounting irregularities that emerged under its tenure.

Ahold said further changes to the supervisory board would be made at the annual general meeting likely in May 2004.

‘The supervisory board now believes that a predominantly new team should assist Ahold in shaping its future,’ it said.

In February 2002, Ahold admitted that it overstated its profits by at least $500m (£317m), with the error primarily related to its American subsidiary US Foodservice.

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