Two more executives at Ahold’s US Foodservice unit Stateside have resigned in the wake of the Dutch retailer having to restate profits by $880m due to accounting irregularities.
Ahold said that US Foodservice’s chief financial officer Michael Resnick and general counsel David Abramson had resigned with immediate effect. No successors were announced.
They follow chief executive, James Miller, who quit earlier this week. He will be replaced by Robert Tobin, a member of Ahold's supervisory board, as interim CEO.
Miller’s departure coincided with Ahold’s shareholders' meeting in Holland where board chairman Henny de Ruiter offered his “sincere apologies” for the events at US Foodservice and at other units of the beleaguered group.
A probe by PriceWaterhouseCoopers alleged that marketing chief Mark Kaiser and purchasing head Timothy Lee at US Foodservice, had “colluded” in the scandal. However, Miller was not implicated.
Ahold said it expected to meet a June 30 deadline for the restatement of its 2002 accounts imposed by a consortium of five banks who stumped up a 3.1bn euros lifeline to keep Ahold going. Meeting the deadline will enable Ahold to draw a $915m from the loan to address problems at US Foodservice.
Ahold said that US Foodservice’s chief financial officer Michael Resnick and general counsel David Abramson had resigned with immediate effect. No successors were announced.
They follow chief executive, James Miller, who quit earlier this week. He will be replaced by Robert Tobin, a member of Ahold's supervisory board, as interim CEO.
Miller’s departure coincided with Ahold’s shareholders' meeting in Holland where board chairman Henny de Ruiter offered his “sincere apologies” for the events at US Foodservice and at other units of the beleaguered group.
A probe by PriceWaterhouseCoopers alleged that marketing chief Mark Kaiser and purchasing head Timothy Lee at US Foodservice, had “colluded” in the scandal. However, Miller was not implicated.
Ahold said it expected to meet a June 30 deadline for the restatement of its 2002 accounts imposed by a consortium of five banks who stumped up a 3.1bn euros lifeline to keep Ahold going. Meeting the deadline will enable Ahold to draw a $915m from the loan to address problems at US Foodservice.
No comments yet