Ahold’s Shakeup

Feb 24, 2003

By George Anderson

Ahold’s chief executive, Cees van der Hoeven, and chief financial officer, Michael Meurs, have resigned after earnings were overstated at the company’s U.S. Foodservice unit.

Reuters reported senior purchasing and marketing management executives of U.S. Foodservice were suspended in connection with the company’s internal investigation.

The “overstatement could exceed $500 million at the operating level.”

Moderator’s Comment: How bad is the U.S. Foodservice
earnings overstatement for Ahold?

An equity dealer in Europe told Reuters he wondered if
Ahold was Dutch for Enron? [George
Anderson – Moderator

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