Jean Coutu's son to lead namesake company

LONGUEUIL, Quebec The Jean Coutu Group announced today that Francois Coutu will succeed his father, Jean Coutu as president and ceo of the company. This appointment will take effect following the annual general meeting of shareholders scheduled for Oct. 16. Following this appointment, Jean Coutu will continue in the role of chairman of the board of the company.

"I am very pleased to have my son Francois succeed me in this role. Following the sale of its U.S. operations to Rite Aid, the company is preparing to reach new heights. Under the leadership of Francois, the operating and financial results of the Canadian operations have been strong for many years and attest sound management and sustained efforts from his team. I am convinced that under his leadership, the company will pursue its next phases of development with enthusiasm and that new growth and expansion opportunities will again be pursued," said Jean Coutu.