Ahold appoints new chief financial officer

Ahold appoints new chief financial officer
By Josephine Cumbo
Published: June 19 2003 8:31 | Last Updated: June 19 2003 8:31

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Ahold, the Dutch grocery group at the centre of a widening accounting scandal, has announced the nomination of Hannu Ryopponen, a former Ikea executive, as new chief financial officer.


Mr Ryopponen, a Finnish national now based in London, is set to take on his new role - given shareholder approval - on September 1.

The 51-year old is currently finance director of Industri Kapital Group, a European private equity firm. He was executive vice president of finance at Ikea group, the Swedish furniture maker, from 1985 to 1988.

Mr Ryopponen's nomination would bring to two the number of former Ikea executives on the Ahold board.

Anders Moberg, the acting president and CEO of Ahold appointed in May, was a former chief executive of the world's largest furnishing group.

On Thursday, Mr Moberg said: “Having worked with Hannu in the past, I know he will bring to Ahold considerable expertise and experience in international finance.“

Ahold said Dudley Eustace, the interim CFO brought in to replace Michiel Meurs, the CFO who resigned following the disclosure of an accounting scandal at US Foodservice, would stay on "until further notice".

Mr Ryopponen's nomination comes as Ahold is believed to be in talks to sell the US unit, which plunged the group into crisis earlier this year after the discovery of the $880m accounting scandal.

However discussions depend on Ahold resolving the extent of the scandal that has seen 11 senior executives leave since February.