Alimentation Couche-Tard CEO Brian Hannasch to retire
Alimentation Couche-Tard Inc. says president and chief executive Brian Hannasch will retire in September.
The Quebec-based convenience store chain announced the retirement during a conference call to discuss Q4 results.
READ: Alimentation Couche-Tard announced fourth quarter and fiscal year 2024 results
Hannasch will be replaced by the company's chief operating officer Alex Miller.
"It has been the honor of a lifetime to be Couche-Tard's CEO for the past 10 years and a leader of this company for the past 25," Hannasch said. "I am so proud of the lasting value that we have created and the commitment and passion of our team members to serving our customers and communities. I know Couche-Tard is in great hands with Alex as he has been one of my closest business partners for well over a decade, and we are working as one team during this transition period.
Hannasch, who has been with Couche-Tard for 10 years, is the 45-year-old company's second CEO.
While Hannasch's retirement is effective Sept. 6, he is to remain as a special adviser to Miller and will be the executive chair of the company's board.
"I want to thank Alain and the board of directors for their enduring support and for the opportunity to continue serving Couche-Tard in a special advisory capacity," Hannasch said.
"Over the past 10 years, Brian Hannasch has been a truly phenomenal CEO for Couche-Tard," said Alain Bouchard, founder and executive chairman of Couche-Tard's board of directors. . "During his tenure, he has led the company in stunning growth, including a 400% increase in the company's share price and the acquisitions of nearly 7,800 stores, the successful completion of our ambitious Double Again strategy and the launch of our new five-year plan.
"Brian has also successfully negotiated and led the company through game-changing and well-executed transactions, which is a rare feat in many industries. Perhaps most important to me, even as we have grown exponentially, he has fostered and deepened Couche-Tard's special culture," he added. "Brian always does the right thing for our people and customers, and he has my and the board of directors' deepest gratitude for all he has accomplished. We are truly pleased that he agreed to stay on as a special advisor."
Miller has more than 25 years of management experience in the industry, joining Couche-Tard in 2012 as director of fuels, real estate and facilities, moving into increasingly progressive roles across the company.
"On behalf of the board of directors of Couche-Tard, I want to congratulate Alex Miller on his appointment to be our next leader," said Bouchard. "Couche-Tard has only had two CEOs during its almost 45-year history, and we take this appointment extremely seriously. The board and I have been planning for an orderly and seamless succession for several years, and we have carefully assessed the process and possible candidates.
Miller was promoted to the newly created position of COO on January 2, 2023 to prepare for this transition. At the time, his role was to oversee the company's North America, Europe and Asia operations, including its food program, merchandise procurement and supply chain activities.
"It is important to us that our next CEO comes from within the business and fully embraces our values, culture and growth-oriented mindset. For those reasons, we have the utmost confidence that Alex is the best person to be our next president and CEO," Bouchard added.
Previously, Miller had been the company's executive vice-president, operations North America and global commercial optimization.
"I am humbled and honored by this appointment, and I want to thank Alain, Brian and the entire board of directors for their confidence," Miller said. "Working with Couche-Tard — its board of directors, leadership, shareholders, team members and customers — has been the highlight of my career. I firmly believe that we are just at the beginning of our journey to become the world's preferred destination for convenience and mobility, and I have full faith that with our engaged people and culture and long-term strategic plan, we will continue our incredible growth trajectory as we take market share and create lasting value."
Couche-Tard operates in 31 countries and territories, with more than 16,700 stores, of which approximately 13,100 offer fuel.
