* Dick Boer to become CEO in March 2011
* Existing CEO John Rishton leaving to head Rolls-Royce
* Boer says no change in strategy of looking for deals
* New COOs named for Europe and U.S. businesses
* Ahold shares down 1.65 percent, underperform European sector
(Adds company, analyst comments, background, shares)
By Mark Potter
LONDON, Sept 30 (Reuters) - Dutch grocer Ahold said Dick Boer, who led the turnaround of its Albert Heijn chain, would become chief executive in March after the surprise departure of John Rishton to aero-engines maker Rolls-Royce.
Boer, a 53-year-old Dutchman who was part of the team that rebuilt Ahold following an accounting scandal in 2003, said on Thursday he would continue the group's existing strategy, which includes seeking acquisitions in existing and nearby markets.
Tipped as a successor to previous CEO Anders Moberg before Rishton got the job in 2007, Boer joined Ahold in 1998 and has recently been heading up its search for deals in Europe.
"There will be no hiatus," Rishton told reporters, when asked whether management change might hold up any acquisitions.
Ahold, which runs Dutch market leader Albert Heijn and makes about 60 percent of its sales in the United States, has been tipped as a potential bidder for stores of struggling U.S. rivals Great Atlantic & Pacific and Supervalu, as well as Dutch retailer Hema
Boer will be the first food retailer to run the firm since Albert Heijn, grandson of the chain's founder, retired in 1989.
Rishton, a British national who joined Ahold as finance director in 2006, previously worked for British Airways.
"A disappointing loss as John Rishton is a strong CEO," said RBS analyst Justin Scarborough.
"(But) Dick Boer is a good appointment given that he has been in charge of what we believe is arguably one of the strongest food retailers over the past 5 years," he added, noting that Albert Heijn's operating margin of about 7 percent is among the highest in the industry.
At 0915 GMT, Ahold shares were down 1.65 percent at 9.88 euros, underperforming a 0.5 percent decline in the STOXX 600 European retail index.
The stock trades at 11.8 times forecast earnings, below most European industry rivals as investors wait to see whether the group will find appropriate acquisitions for its cash pile of over 2 billion euros, or whether it will be returned to them.
RESHUFFLE
Rishton reiterated that subdued consumer spending in U.S. markets in particular meant weak competitors were getting more vulnerable, putting Ahold in a strong position to do deals.
Ahold, which runs over 2,900 stores in 11 countries, said Boer would be replaced as European chief operating officer (COO) by Sander van der Laan, general manager of Albert Heijn.
It also said Larry Benjamin, COO of its U.S. business, would retire in early 2011. He will be replaced by Carl Schliker, currently chief executive of the U.S. business.
"This structure will ensure that the new COOs spend their time managing and strengthening the businesses, while the board focuses on strategy and growth," Ahold said in statement.
Boer and Benjamin were both freed up from day-to-day management in a reshuffle in November that gave them more strategic roles.
Rishton, who worked at carmaker Ford before British Airways, will join Rolls-Royce at a time of deep cuts in defence spending as governments seek to reduce debts.
Breakingviews on Rolls-Royce (Editing by Will Waterman and Andrew Callus)