By George Anderson
Ahold's chief executive is taking a pay cut and its chairman is leaving the company in response to shareholder's outrage over executive compensation and accounting scandals that have rocked the company's stock.
Reuters reports Anders Moberg, chief executive officer of Ahold, has agreed to rework his compensation package to forego guaranteed severance pay and tie his bonus to company performance.
The news service also reports Ahold's supervisory board chairman, Henny de Ruiter, is expected to resign at an upcoming shareholders' meeting. It is expected that other members of the supervisory board will also submit resignations.
Moderator's Comment: Will the board changes and Anders Moberg's reworked compensation package mean for Ahold?
Our favorite quote from the Reuters' piece came from Charles Huijskens, an adviser to Henny de Ruiter, who said the chairman "stepped down because he was guilty of nothing but responsible for a lot." [George Anderson - Moderator]