Zaandam, The Netherlands, February 27, 2004 - Ahold today announced that as part of Ahold's corporate governance initiative, term limits have been established for Corporate Executive Board members.
Theo de Raad will continue to lead the divestment process in South America and Thailand. Mr de Raad will step down from the Executive Board upon his retirement at age 60 on January 7, 2005.
Bill Grize will continue his duties as CEO of Ahold USA, Inc. and will supervise the organizational integration occurring across Ahold USA, and the divestiture of BI-LO/Bruno's. Mr Grize will continue to serve as a member of the Executive Board until the new organization is fully integrated, and then relinquish his role as a Board member. This will occur no later than his planned retirement in April 2006 when he reaches age 60.
Ahold President & CEO Anders Moberg, CFO Hannu Ryöppönen, and Chief Corporate Governance Counsel Peter Wakkie will have term limits expiring in 2008. Mr Moberg and Mr Ryöppönen's terms are subject to renewal. Mr Wakkie will have reached his retirement age limit at that time.
Anders Moberg states: "Ahold's implementation of term limits is one element of our commitment to strengthened corporate governance. In addition, this series of changes provide for a well-planned, coordinated leadership transition."
