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ZAANDAM, Netherlands - Ahold today announced it has established term limits for corporate executive board members as part of its corporate governance initiative.
Theo de Raad will continue to lead the divestment process in South America and Thailand. He will step down from the executive board upon his retirement at age 60 on Jan. 7, 2005.
Bill Grize will continue his duties as c.e.o. of Ahold USA Inc. and will supervise the organizational integration occurring across Ahold USA, and the divestiture of Bi-Lo and Bruno's. 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 and c.e.o. Anders Moberg, c.f.o. Hannu Ryopponen, and chief corporate governance counsel Peter Wakkie will have term limits expiring in 2008. Moberg and Ryopponen's terms are subject to renewal. Wakkie will have reached his retirement age limit at that time.
"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," said Moberg.