ZAANDAM, The Netherlands, Feb. 27, 2003 (PRIMEZONE) -- Ahold (NYSE:AHO) announced on February 24 that it has been investigating, through forensic accountants, the legality of certain transactions at Ahold's Argentine subsidiary, Disco, and the accounting treatment thereof. While Ahold believed that there was no material impact upon the company, it was unable to comment further until the investigation was complete. This work has now been concluded and the investigation shows that there will be no material impact on Ahold's financial results.
Ahold also announces that the Chief Executive Officer and the Chief Financial Officer along with two other directors have resigned. Two new directors have been appointed by Ahold to the Disco Board. Alfredo Garcia Pye, currently Country Manager of Ahold's Santa Isabel operation in Peru, has been appointed Chief Executive Officer. Pieter de Nooij, currently member of Ahold's Latin America Support Group, has been appointed Chief Financial Officer. Both appointments are effective immediately.
An Ahold team from the Netherlands has been installed at Disco to offer active support to the company, enforce controls and ensure compliance with the Ahold Business Principles. http://reports.huginonline.com/893620/114218.pdf