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