Dutch retailer Ahold has announced that it has established term limits for corporate executive board members as part of its corporate governance initiative.
Ahold said Theo de Raad will continue to lead the divestment process in South America and Thailand, and will step down from the executive board upon his retirement on 7 January 2005.
Bill Grize will continue his duties as CEO of Ahold USA and will supervise the unit’s organisational integration and the divestiture of BI-LO/Bruno’s. Grize is to continue to serve as a member of the executive board until the new organisation is fully integrated, and then step down from the board no later than his planned retirement in April 2006.
Ahold president and CEO Anders Moberg, CFO Hannu Ryöppönen, and chief corporate governance counsel Peter Wakkie will have term limits expiring in 2008. The terms of Moberg and Ryöppönen are subject to renewal, while Wakkie will have reached retirement age by that time, Ahold said.