NETHERLANDS: Ahold announces changes to finance organisation
More than a year after it was hit by a massive accounting scandal, Dutch retail giant Ahold has announced further changes to its finance organisation as part of its "Road to Recovery" strategy.
The company is setting up a Business Control for Retail (BC) division, which will be established within the company's finance organisation.
"The main area of responsibility for BC is to both support and challenge the retail arenas in reviews and analysis of actual performance as well as of future plans. Additionally, BC will also have the company-wide responsibility for the coordination of Ahold's real estate strategies and capital budgeting process," the company said.
Brian Hotarek, currently CFO of the company's US Retail unit, has been appointed chief business controlling officer with overall responsibility for the BC function.
Joost Sliepenbeek, currently senior vice president and controller at corporate headquarters has been appointed chief accounting officer with overall responsibility for the accounting and reporting department. Both appointments are effective 15 April 2004.
"These appointments support Ahold's overall strategic ambitions, particularly with regard to its business initiatives, and improvements to the company's control environment and also to ensure reliable and transparent financial reporting," said Ahold CFO Hannu Ryöppönen.
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