Ahold Delhaize: Winning on price, winning on cash

Research evidence excerpt

Ahold Delhaize: Winning on price, winning on cash

New CEO: volatility, not thesis risk

First external CEO in two decades

The announcement that Frans Muller will step down as CEO of Ahold Delhaize in April

2027, alongside the appointment of Thierry Garnier, currently CEO of Kingfisher, was

unexpected by the market. The initial investor reaction was negative, with the share

price weakening shortly after the announcement. In our view, this reaction reflects

uncertainty around succession rather than any reassessment of the group’s underlying

fundamentals.

Investor surprise stemmed from both the timing and the external nature of the

appointment. This is particularly notable given Ahold Delhaize’s long-standing track

record of internal succession planning, management continuity and operational stability.

Exhibit 20: The first external appointment since 2003

History of CEOs role at Ahold / Ahold Delhaize

CEO Tenure Appointment Professional background Comment

Anders Moberg 2003–2009 External Former CEO of IKEA; appointed after the 2003 • Crisis-driven external hire

accounting scandal • Mandate centred on credibility, balance sheet repair and simplification

• Not a growth or long-term strategic appointment

John Rishton 2009–2011 Internal Former CFO of Ahold • Transitional/internal CEO following crisis phase

• Period of operational stability and strategic reassessment

• Typical governance bridge between turnaround and long-term succession

Dick Boer 2011–2016 Internal Joined Ahold in 1998; ex-CEO Albert Heijn; COO Ahold • Classic internal succession

Europe • Deep banner-level and food retail experience

• Delivered refocus on core food retail and execution discipline

Dick Boer 2016–2018 Internal Continued as CEO post-merger • Continuity appointment post-merger