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BRUSSELS, Belgium - Delhaize Group, the Belgian international food retailer, announced today the resignation of Marcel Degroof from its board of directors as a result of the fallout from an insider trading scandal.
In a letter of resignation to the board of directors, Degroof stated he was resigning to avoid any potential embarrassment for Delhaize Group with respect to the recent settlement between the U.S. Securities and Exchange Commission and certain members of his family.
The SEC said June 4 that it found Jean-Jacques and Francis Degroof, both children of Marcel Degroof, guilty of insider trading. The two men bought shares in Delhaize's U.S. subsidiary, Delhaize America, even though they were aware of an impending buyout by the mother group.
"I sincerely express my thanks to Marcel Degroof for having chosen, without hesitation, for a decision that best protects the interest of the company," said Gui de Vaucleroy, chairman of the board of directors of Delhaize Group. In a separate letter to the board, Gui de Vaucleroy expressed his appreciation to Marcel Degroof for his service and contribution over many years to the growth and welfare of the company as a member of the Board. Marcel Degroof has been a director of Delhaize Group since 1985.
Delhaize Group confirms that it has an existing written policy against insider trading and that it will continue to regularly reaffirm it to its directors, officers and employees.