Couche-Tard chief executive Alain Bouchard has announced he will stand down as CEO of the Canadian retailer and take up a new role of executive chairman.

Bouchard will be replaced by COO Brian Hannasch, who will take over as president and CEO on 24 September.

Commenting on the move, Bouchard emphasised Hannasch’s experience within the Couche-Tard organisation. “He has been intimately involved in developing our strategy, improving our business and he has played a pivotal role in the material acquisitions we made over the last thirteen years, including our largest and most recent, Statoil Fuel & Retail in Europe,” Bouchard said.

Réal Plourde, chairman of Couche-Tard’s board, said Bouchard will continue to “play an active role” in Couche-Tard’s development.

The responsibilities of chief operating officer will be shared by Couche-Tard’s executive management team.

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By GlobalData