FINANCE

Ahold Settles With Ex-CEO of Subsidiary

BY CSA STAFF

Amsterdam, The Netherlands, Ahold announced Tuesday that it has agreed to a settlement with James Miller, the former CEO of its former subsidiary U.S. Foodservice. Under the settlement, Miller agrees to pay Ahold $8 million.

Ahold said that its pending litigation with Miller will be terminated and that the settlement does not suggest acknowledgement of liability by Miller.

The settlement relates to an accounting scandal in February 2003, in which Ahold reported that it had inflated earnings by at least $500 million. According to the company, these overstatements of earnings occurred based on conduct at its former subsidiary U.S. Foodservice.

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AutoZone names new cio, chief merchant

BY CSA STAFF

MEMPHIS, Tenn. AutoZone today announced that, effective immediately, Jon Bascom, vp of Information Technology, has been promoted to senior vp of Information Technology and cio. Additionally, Mark Finestone, vp of merchandising, has been promoted to senior vp of merchandising, effective immediately.

“With these promotions, we continue to strengthen our senior leadership team with seasoned and accomplished AutoZoners,” said Bill Rhodes, chairman, president and ceo. “Jon and Mark have proven leadership abilities and their experiences will serve this company at a very high level for many years to come.”

The company also announced Ken Brame, vp of  Information Technology and cio will retire from the company effective Jan. 11, 2008.

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Report: Mason not take helm at Tesco, job to go to younger candidate

BY CSA STAFF

LONDON Tim Mason, ceo of Tesco’s Fresh & Easy stores in the United States, is not looking to succeed Sir Terry Leahy as head of Tesco, according to reports.

As reported by the Financial Times, Mason said in a visit to some of the Fresh & Easy stores that he would not being following in Leahy’s footsteps and that the position would go to a younger candidate. Mason is 50 years old.

Among the officers vying for the top spot are Phil Clarke (47), international director, and Richard Brasher (45), trading director, both want the top job, the Times reported. However, they may be passed over for younger executives.

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