The former chief executive of Ahold’s U.S. unit agreed to pay the company $8 million to settle charges in the Dutch food giant’s accounting scandal.
Ahold said the settlement with James Miller, who was CEO of U.S. Foodservice, does not imply that Miller acknowledged liability. The pending litigation between Ahold and Miller will be terminated.
Miller resigned in May 2003 after company management found that incorrect accounting of vendor rebates at U.S. Foodservice caused earnings to be overstated by $880 million over a three-year period.
The accounting problems at the Foodservice unit also led to the resignations of Ahold chief executive Cees van der Hoeven and CFO Michael Meurs.
Ahold sold U.S. Foodservice earlier this year.