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Ahold Announces Finance Organizational Changes

ZAANDAM, Netherlands - As the next step in its "Road to Recovery" strategy, Ahold today announced a number of changes to its finance organization.

The new function of Business Control for Retail (BC) will be established within the company's finance organization. The main area of responsibility for BC is to both support and challenge the retail arenas in reviews and analysis of actual performance, as well as of future plans. Additionally, BC will also have the companywide responsibility for the coordination of Ahold's real estate strategies and capital budgeting process.

As part of the restructuring, Brian Hotarek, currently c.f.o. U.S. Retail, has been appointed chief business controlling officer with overall responsibility for the Business Control for Retail function.

Parallel to the creation of the BC function, the current Corporate Accounting and Control department will be renamed Accounting and Reporting (A&R). This is a reflection of its increased responsibility for all aspects of accounting and reporting within Ahold, as well as the creation of the BC function.

Joost Sliepenbeek, currently senior v.p. controller at corporate headquarters, has been appointed chief accounting officer with overall responsibility for Accounting & Reporting.

Commenting on these changes, Ahold c.f.o. Hannu Ryopponen said, "These appointments support Ahold's overall strategic ambitions, particularly with regard to its business initiatives, and improvements to the company's control environment, and also to ensure reliable and transparent financial reporting."
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