Alimentation Couche-Tard Inc., Canada’s most valuable retailer, has appointed Alex Miller as the new CEO, effective September 6, after announcing the retirement of current CEO Brian Hannasch. The appointment follows the company’s weaker-than-expected fiscal fourth-quarter earnings, attributed to a decline in fuel sales in North America and Europe. The company’s shares experienced their largest intraday drop in three months following the earnings report. Revenue for the quarter was C$17.6 billion ($12.9 billion), slightly above estimates, but earnings per share of 48 Canadian cents fell short. The retail giant, which operates under the Circle K brand, has been focusing on expanding its income through mergers and acquisitions. It recently acquired European gas stations from TotalEnergies SE and has identified several potential deals in Europe and North America. Hannasch indicated that these deals are expected to materialize in the coming quarters. The management change and turbulent market conditions underscore the company’s strategy to bolster its growth through strategic acquisitions.

Retail, Energy, Mergers and Acquisitions,Canada, North America, Europe