WILLIAMSVILLE, N.Y. -- The Ahold accounting scandal claimed another victim last week when Frank Curci, president and chief executive officer of Tops Markets here, resigned.
Ahold disclosed in May it had discovered $29 million in earnings overstatements among its subsidiaries, mostly at Tops and mostly related to misreporting of vendor allowances -- findings that led to the resignations last month of seven other senior Tops executives. As CEO, Curci held responsibility for oversight and control of Tops' business, the company said last week. Accordingly, Curci and William Grize, president and CEO of Ahold USA, determined it would not be appropriate for Curci to assume his new role, and Curci resigned, Ahold said.
Curci had been president and CEO of Tops since 2000. He joined Ahold in 1995 after Ahold acquired Mayfair Super Markets, Elizabeth, N.J., where he was chief financial officer and COO.
He was initially named executive vice president, administration, at Ahold's Edwards Super Food Stores subsidiary and subsequently served as executive vice president, store development, at Bi-Lo; executive vice president, finance and development, at Bi-Lo; and chief operating officer at Tops.