March 18 Canadian convenience store operator
Alimentation Couche-Tard Inc said founder and Chief
Executive Alain Bouchard would step down and hand over the top
job to Chief Operating Officer Brian Hannasch.
Couche-Tard shares rose as much as 3.5 percent in morning
trading after the company reported a 14 percent rise in adjusted
Hannasch will take over as CEO on Sept. 24 and Bouchard will
become the executive chairman of the board, Couche-Tard said in
a statement on Tuesday.
The company's net income rose 28 percent to $182.3 million,
or 96 cents per share, in the third quarter ended Feb. 2, from a
The company's adjusted profit missed by 1 cent the analysts'
average expectation of 93 cents per share, according to Thomson
Revenue fell 3.3 percent to $11.09 billion.
Couche-Tard acquired Norway-based gas station chain operator
Statoil Fuel & Retail in 2012. The company also has 6,221
convenience stores throughout North America, including 4,724
stores that can dispense gasoline, as of Feb. 2.
The company's shares were trading up 2 percent at C$86.85 on
the Toronto Stock Exchange. They have risen as much as 8 percent
in the past three months.