Couche-Tard to buy 18 stores in Texas as CFO suddenly resigns

One of the world’s largest C-store operators is searching for a new CFO as the companyexpands its reach in the southern United States with a deal to buy 18 convenience stores operating under the Texas Star brand.

Alimentation Couche-Tard Inc. announced that Vice President and Chief Financial Officer Raymond Paré has resigned. It also announced a deal to acquire 18 convenience stores in the Souhwest, which will be converted to the Circle K brand and will continue to sell Shell and CITGO-branded fuel. The deal is expected to close by next April.

Couche-Tard says it has begun the process of identifying a successor toParé and hewill remain available to facilitate a smooth transition.In the meantime, financial and investor queries will be handled by Couche-Tard's president and CEO, Brian Hannasch.

"We thank Raymond for his contributions to the company over the past 13 years," says Brian Hannasch. "He has been instrumental in the completion of milestone acquisitions including Statoil Fuel & Retail and The Pantry, reaching thousands more customers in dozens of new markets and multiplying our market value several times over, as well as laying the foundations for further growth with our new, global Circle K retail brand. We wish him well in his pursuit of new ventures."

Couche-Tard is the largest independent convenience store operator in the United States. As of July 19, Couche-Tard's network comprised 7,987 convenience stores throughout North America, including 6,556 stores offering road transportation fuel.