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AMSTERDAM -- Ahold said Friday that it had entered into severance-pay dispute settlements with its former c.e.o., Cees Van der Hoeven, and its former c.f.o., Michiel Meurs.
Under the settlement with Van der Hoeven, he will unconditionally waive all claims made in an arbitration proceeding against Ahold for over 4.5 million euros (US $6.4 million), and pay Ahold 5 million euros (US $7.1 million), Ahold said.
Under the settlement with Meurs, he will unconditionally waive all claims made in an arbitration proceeding against Ahold for over 2 million euros (US $2.8 million), and pay Ahold 600,000 euros (US $848,000), the retailer said.
Neither Van der Hoeven nor Meurs was required to admit liability as part of his settlement with Ahold.
The arbitration proceedings will also be ended, according to the retail conglomerate.
In connection with the accounting scandal at Ahold that went public in 2003, the Van der Hoeven and Meurs were fined by a Dutch court and received nine-month suspended sentences in a criminal case, a decision under appeal by both executives.
The men settled with the U.S. Securities and Exchange Commission, admitting no guilt but accepting a lifetime ban from holding office in a publicly traded company.