Alimentation Couche-Tard, the Montreal-area company that operates 7,100 Circle K forecourt-and-retail outlets in the U.S. and thousands of convenience stores across Europe, is getting a new CEO as it works to increase market share.
Couche-Tard Chief Operating Officer Alex Miller, who has been with the company for 13 years, will take over as CEO on Sept. 6 and replace current President and CEO Brian Hannasch who is retiring, the company said Wednesday.
Hannasch will continue working with Couche-Tard as a special adviser to both Miller and Alain Bouchard, founder and executive chairman, the company said. Hannasch has been in the top post for almost 10 years and oversaw a 400% increase in the company’s share price along with the acquisitions of nearly 7,800 stores, according to a Couche-Tard.
However, the company reported lower than expected profits in the most recent quarter due to lower fuel margins in the U.S. among other factors. A recent CIBC Equity Research analysis listed possible risks to Couche-Tard in the form of “failure to close announced acquisitions,” and “aggressive price competition,” as well as the government-mandated push to increase electric vehicles.
Couche-Tard expanded by over 2,000 outlets in Europe last year with the acquisition of the TotalEnergies chain and now has 16,700 outlets worldwide, mostly under the name Circle K. The chain has stores in 31 countries and has 149,000 employees, according to the company site.
Full story News | Global Convenience Store Giant To Get New CEO (costar.com)
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