Release of third quarter profit information
Alimentation Couche-Tard’s names new CEO as global expansion ramps up
But none will pilot a Quebec company with quite as much global growth ambition as Iowa-born Brian Hannasch, who takes over as chief executive of convenience store chain Alimentation Couche-Tard Inc. in September under a succession plan announced Tuesday. Founder and current CEO Alain Bouchard, who turned 65 last month, will become executive chairman, plotting the next phase of the chain’s international development and big-picture strategy while his younger lieutenant focuses on building profits and taking market share.
Built by Mr. Bouchard from a single dépanneur in Saint-Jérôme in 1980, Couche-Tard is a $12-billion company with more than 60,000 employees working in 12,600 stores in 21 countries. In North America, it owns Mac’s and Circle K. In Europe, it owns the former retail operations of Norwegian oil giant Statoil ASA.
Mr. Bouchard said recently he believes he can double the store count again by 2023 as the chain bulks up in key markets like the United States and Europe and expands to new ones. It’ll be up to Mr. Hannasch, 47, to generate the cash from operations needed for that mergers and acquisitions growth while integrating new stores from his base in Montreal.
Couche-Tard shares rose 2% to $86.70 in trading Tuesday on the Toronto Stock Exchange. They’ve gained 56% over the past 12 months, vaulting Mr. Bouchard into the ranks of the world’s billionaires as tracked by Forbes.
Mr. Hannasch has been there for much of the company’s recent growth and has long been considered a leading candidate to become CEO. Mr. Bouchard credits the American’s work in particular for driving Couche-Tard’s expansion in the United States, calling his hiring “a significant moment” in the company’s history.
Couche entered the U.S. market with the purchase of the Midwest’s Bigfoot chain in 2001. Mr. Hannasch was vice-president of operations for Bigfoot and stayed on with Couche after the takeover. He quickly rose through the ranks, leading the integration efforts of several key acquisitions and eventually steering the company’s entire business in the United States. He became Couche’s chief operating officer in May 2010 and moved to Montreal.
The management shift came as Couche-Tard reported a third quarter profit of US$182.3-million or 96¢ per share, a 28% increase over the same quarter in fiscal 2013 on the back of stronger same-store merchandise sales and higher road transportation fuel volumes. The company announced a three-for-one split of all its outstanding class A and class B shares, effective April 14, in a bid to make its stock more accessible to retail investors.
Source: financiapost.com
