Current COO Alex Miller will take over the top job at the Laval, Que.-based convenience-store and gas-station retailer
A man passes by a Couche-Tard convenience store in Montreal , Oct. 5, 2012. The leadership shuffle at Couche-Tard was announced the day after the company reported that its fourth-quarter earnings fell by 32 per cent,is getting a new chief executive officer for only the second time in its nearly 45-year history, as Brian Hannasch plans to step down from the top job in September.
“Recently, I would say in the last couple of months, we’ve seen quite a few deals come across our desk,” Mr. Hannasch said on Wednesday’s call. Those potential deals include both large and “niche” assets in Europe and North America, he added. In a statement on Wednesday, Mr. Bouchard praised the “stunning growth” at the company under Mr. Hannasch’s leadership.
“I’ve got a lot of miles on me,” Mr. Hannasch, 57, replied, adding that he had always intended to retire between age 58 and 60. He noted the timing was also “a little bit elegant” after 35 years in the industry, 25 of them with Couche-Tard. “The company is in a great place and its best days are ahead of it. So this feels like the right time to explore something else,” he said.
Mr. Miller said on Wednesday’s call that he believes Couche-Tard “will continue our incredible growth trajectory” in the years to come. The company attributed the decline to lower gross margins on fuel, expenses and depreciation related to investments and acquisitions, and a quarterInflation-weary customers have also been cutting back: People have been buying smaller amounts of fuel during each visit, Mr. Hannasch noted on Wednesday’s call. Couche-Tard has seen shoppers gravitating to lower-priced product options inside its stores, including the company’s own private-label brands.
Company Couche-Tard Cent Quarter Call Deal Experience Time Laval Carrefour SA Montreal
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Alimentation Couche-Tard CEO Hannasch to retire, chief operating officer to succeedHannasch has led the Quebec-based company for ten years.
Read more »
Alimentation Couche-Tard eyeing M&A amid leadership shuffle, economic headwindsCanada's largest convenience store chain may soon grow again.
Read more »
Alimentation Couche-Tard eyeing M&A amid leadership shuffle, economic headwindsCanada's largest convenience store chain may soon grow again. Alimentation Couche-Tard Inc. said Wednesday it has several potential acquisitions on its radar.
Read more »
Alimentation Couche-Tard eyeing M&A amid leadership shuffle, economic headwindsThe convenience store chain said on Wednesday that it has several potential acquisitions on its radar
Read more »
Alimentation Couche-Tard earnings drop as consumers watch spendingLAVAL, Que. — Alimentation Couche-Tard Inc. says its net earnings fell by almost a third in its fourth quarter as inflation-squeezed consumers watch their spending.
Read more »
Alimentation Couche-Tard earnings drop as consumers watch spendingThe company says the earnings decline was in part from lower gross margins on fuel, the quarter being a week shorter than last year, and expenses and deprectiaion related to investments and acquisitions
Read more »