James McCann has been appointed to a newly created role on Ahold’s Corporate Executive Board as Chief Commercial & Development Officer, effective September 1, 2011. This new board position will help drive the company's growth strategy. McCann will focus on developing new and innovative ways to serve customer needs, build customer loyalty and broaden Ahold's offering. He will also be responsible for leading Ahold's e-commerce initiatives and will strengthen the company's online business globally. In addition, he will play a key role in expanding the company's operations in new markets.
McCann is a British National, born in 1969. He started his career at in the United Kingdom in 1992 and joined Mars in 1994 where he worked in various roles in the UK and Russia. In 1999, McCann joined Sainsbury plc as Commercial Director, and moved to where he worked from 2002 until 2009. He worked for as COO for Poland, as well as national head of in Malaysia and Hungary. From February 2010 to May 2011, McCann was Executive Director for France and a member of Carrefour's Group Executive Board.
The Supervisory Board will nominate McCann for appointment to Ahold's Corporate Executive Board at its Annual General Meeting of Shareholders on April 17, 2012. Until that time, McCann will be an acting member of the Corporate Executive Board.
Following the departure of John Rishton (CEO) and Larry Benjamin (COO US) and the announced departure of Kimberly Ross (CFO), is reinforcing its executive team. It is Dick Boer’s (new CEO) goal to grow not only in existing markets but also in new ones. He intends to expand Ahold’s non-food offering, online businesses and other services. The appointment of Mr McCann is in line with this strategy.
No impact on the investment case. Unchanged Accumulate rating.