Cor Boonstra has stepped down from the supervisory board of Dutch retailing group Koninklijke Ahold, according to newspaper Het Financieele Dagblad.

The resignation followed news that the former Philips chief had traded around NLG 700,000 (US$288,600) Ahold shares during a “closed period” in August 2000, before the company’s quarterly earnings were released. He also failed to report the sale.

Ahold spokesman Hans Gobes told Reuters: “It is against the model code that we have at this company.”