BusinessCompany NewsAhold US chief resigns

Ahold US chief resigns

The chief executive of the US branch of Dutch retail group Ahold has resigned in the fall-out from an $880m accounting fraud at the company's distribution unit.

Link: Ahold needs $1bn restatement

Jim Miller’s resignation from the US Foodservice unit was announced at the beginning of the company’s annual general meeting but failed to subdue the anger of its shareholders who demanded answers to why the fraud had gone undetected for so long.

Ahold said the resignation did not implicate Miller in the fraud, which relates to an earnings overstatement of $880m and led to the dismissal of two senior executives at the Maryland-based distribution company.

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