Embattled Dutch retailer Ahold has announced that Henny de Ruiter is to resign from the position of chairman of the supervisory board as the company struggles to regain investor confidence after a US$1bn accounting scandal.
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The supervisory board said De Ruiter is to resign at the shareholders’ meeting, which is likely to be held in October. He will be succeeded by Karel Vuursteen, who was appointed to the supervisory board in May 2002.
The company said further changes to the supervisory board would be made at the 2004 shareholders AGM, likely to be held in May 2004.
“The supervisory board now believes that a predominantly new team should assist Ahold in shaping its future,” the board said.
Separately, Ahold chief executive Anders Moberg, who has received criticism over his substantial pay package, announced an adjustment to his remuneration package.
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By GlobalData“I have been concerned by the recent public debate in the Netherlands caused by the terms of my remuneration package. I have listened to the criticism and am aware of its negative impact on the company and its associates, and I would like to respond,” Moberg said in a statement.
“I understand that my current severance benefits and my guaranteed bonus are considered unacceptable in the Dutch environment, so I have taken the decision to modify both,” he continued.
Moberg said he had agreed with the supervisory board that any severance benefits would be established on the basis of all the relevant circumstances prevailing at the time, meaning that there would be no guaranteed severance compensation.
In addition, Moberg said he had also agreed with the board that his bonus compensation would be fully performance-related and would not contain any guaranteed elements.
