(Nov. 22) Changes at the top continue for the U.S. branch of Royal Ahold NV, the Zaandam, Netherlands-based retail giant.
Effective at the end of December, Bill Grize, chief executive of the company’s U.S. operations will leave the executive board of Chantilly, Va.-based Ahold USA as the company continues to dig its way out of an accounting scandal.
Grize will retain his role as an adviser to the board until his retirement in April 2006, the company said Nov. 16.
The chief executives of Ahold’s U.S. retail chains will report directly to Anders Moberg, Ahold’s CEO, the company said in a news release.
Ahold is due to report its third-quarter earnings Nov. 24.
Ahold, the world’s fourth-largest food retailer and food services group after Wal-Mart Stores Inc., France’s Carrefour and Germany’s Metro, has been overhauling its management structure since the company revealed in February 2003 that it had overstated its income by more than $800 million.
Ahold-owned U.S. Foodservice, the nation’s second-largest foodservice broadline distributor, was at the center of the scandal.
Ahold shares closed at $7.22 Nov. 16 on the New York Stock Exchange. The stock’s 52-week range was $6.15-10.04.