Dutch retailer Royal Ahold has announced that its investigation of the legality of certain transactions at its Argentine subsidiary, Disco, has been completed.
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The retailer said the investigation shows that there will be no material impact on Ahold’s financial results.
Ahold also announced that Disco’s chief executive officer and the chief financial officer along with two other directors have resigned.
Two new directors have been appointed by Ahold to the Disco board. Alfredo Garcia Pye, currently country manager of Ahold’s Santa Isabel operation in Peru, has been appointed chief executive officer. Pieter de Nooij, currently a member of Ahold’s Latin America Support Group, has been appointed chief financial officer. Both appointments are effective immediately.
Ahold said a team from the Netherlands has been installed at Disco to offer active support to the company, enforce controls and ensure compliance with Ahold’s business principles.
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By GlobalData
