Frits van Eerd loses voting rights as Jumbo shareholder

Former CEO Frits van Eerd no longer has a voice in decision-making on Jumbo. The Dutch supermarket chain reported this in a response to the sentencing of its former top executive on 7 August.

“In coordination with the banks”

Jumbo says it has taken its time to study the court’s verdict, as – although the retailer is not a party to the case and the ruling does not directly affect its day-to-day operations – there is a potential impact on the company. An internal committee with an independent member of the Supervisory Board and two Jumbo management board members has been looking into the issue.

“By mutual agreement”, it has now been decided that van Eerd will no longer have a voice in decision-making on Jumbo – unlike the other shareholders, his sisters Colette Cloosterman-van Eerd and Monique Groenewoud-van Eerd. “This measure was implemented in coordination with Jumbo’s banks and takes effect immediately and in any case will remain in force as long as the case is ongoing”, the company said.

The supermarket chain also returns to the court’s consideration that the company might have been financially disadvantaged: “If after appeal (and possible cassation) there is definite evidence of disadvantage, Jumbo retains the right to recover damages suffered. Jumbo will then settle this appropriately and confidentially”, the announcement said.