Beleaguered Dutch retailer Ahold has announced its proposal to nominate Peter Wakkie as chief corporate governance counsel and member of the corporate executive board.
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Wakkie, who will assume his position at Ahold starting 15 October, will supervise the legal discipline within Ahold worldwide, the legal aspects of organisational transactions and the preparations of legal reports and statements.
Ahold said Wakkie will also play a leading role in the process of improving corporate governance throughout the company. He will therefore be responsible for reviewing internal governance, policies and practices for legal compliance as well as conformance to ethical and social standards.
Ahold is struggling to recover from an accounting scandal that led to the resignation of its chief executive and its chief financial officer. It emerged in February that accounting irregularities at its US Foodservice operation had led to earnings being overstated by US$500m. After conducting an internal investigation of all its operations, Ahold announced at the beginning of July that it had found a total of €970m (US$1.05bn) in irregularities.
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By GlobalData
