Tuesday, August 14, 2007

Jean Coutu to retire again as CEO of pharmacy chain after closing U.S. sale

From CBC News:
Jean Coutu has no plans to permanently hang up his ubiquitous white lab coat even as he once again hands the management reins of the drugstore chain he founded 38 years ago to his son Francois.

"He will remain as chairman of the board and he always likes to wear his white jacket, anyhow," Francois said in an interview Friday after the company released its fourth-quarter and 2007 fiscal year results.

The Montreal-area pharmacy chain posted a US$6.9-million quarterly net loss, but earned US$140.8 million for the year.

Francois will assume the title of chief executive officer after the annual meeting in October. It was a position he held in 2002 before relinquishing it three years later as he was demoted to president and head of Canadian operations amid problems in a massive U.S. acquisition. ...more

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