The corporate executive board of troubled Dutch retailer Ahold has appointed Lawrence S. Benjamin as chief executive officer at its US Foodservice unit, effective 1 November.
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Ahold said that interim CEO Robert Tobin will work with Benjamin during the transition, ensuring continuity in the operations and governance of the company until Benjamin outlines his strategic plan for the company and addresses any changes in other senior leadership positions at the company.
Benjamin currently holds the position of chief executive of Chicago-based NutraSweet Company. He has held various executive positions in the food industry, including consecutively serving as president and CEO at Stella Foods (1994-1997) and Specialty Foods Corporation (1997-2001), both holdings of Oak Hill Capital Management. Prior to working with Oak Hill, he held several executive positions at different divisions of Kraft Foods.
Ahold said an advisory board will be installed at US Foodservice to oversee the required changes in controls systems and to ensure the implementation of solid corporate governance principles throughout the entire company.
The previous CEO of US Foodservice was Jim Miller, who stepped down in May following the February revelations of overstated earnings at the unit.
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By GlobalData
